Below are the outstanding points in Mr Lloyd George’s War Budget speech in the House of Commons on Tuesday:

No change in existing taxation. Income tax, super-tax, tea and sugar duties as laid down last November.

New beer, spirit, and wine duties likely to be abandoned.

Sinking Fund to be suspended during the war.

Present daily cost of the war just short of £2,000,000.

New taxation probably in the autumn, including a tax on war profits.

National expenditure for 1915-16, if war ends September 1915, £790,458,000.

National expenditure for 1915-16, if war ends March 1916, £1,136,000,000.

The past financial year shows a “steady increase in the consumption of whisky” since last November.

Of the extra tobacco revenue last year £1,000,000 is attributed to the smoking by soldiers in camp, and by the gifts of tobacco to the men of our Army in France.

£3,000,000 of the increase over the estimate of receipts since last November from the spirit duty is due to forestalling.

Banbury Guardian May 1915