Orders of the Day — Revenue 1926–27.

– in the House of Commons on 11th April 1927.

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Photo of Mr Winston Churchill Mr Winston Churchill , Epping

Apart from the Coal Trouble, let us see what has happened to the Revenue of 1926. The main feature is the failure of the Income Tax. After deducting all the losses due to the Strike, the Income Tax yielded about £12,000,000 less than the Estimate. Those are serious and unsatisfactory figures, and I am sure no words are needed to emphasise them to the Committee. On the other hand, Estate Duty and Super-tax show increases between them of £2,750,000, and Sundry Loans and Miscellaneous Revenue exceeded their Estimate by £8,500,000. These variations almost balance each other. In the result, the Revenue, apart from the Strike, is rather more than £1,250,000 below the Estimate; but with the Stoppage—I do not want to quarrel over the particular word—it is £19,000,000 below the Estimate.