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Financial Policy—Inhabited House Duty

Volume 117: debated on Tuesday 24 June 1851

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I beg now to lay on the table the Resolutions of which I gave notice; and in answer to the hon. Baronet the Member for Marylebone (Sir B. Hall), who inquired at what stage of the Government measure I intended to move them, I beg to inform the House that I find my hon. Friend the Member for Huntingdon (Mr. T. Baring) has an instruction to the Committee respecting the duties on Coffee, which must be brought up on the first measure of the Government, on Monday the 30th. It will, therefore, be necessary for me to move the Resolution by way of Amendment upon the second measure of the Government; for the House will see that that Resolution applies to the general financial policy of the Government. The Resolution which I shall propose as an Amendment, when the Inhabited House Duty Bill comes before the House, is—

"That according to an Estimate of the probable future produce of the existing taxes, submitted to this House by the Chancellor of the Exchequer, it appears that a surplus Revenue may be expected in the present year to the extent of about 2,000,000l.;
"That in the Revenue so estimated is included a sum exceeding 5,000,000l., derived from the Tax on Income, respecting which an inquiry has been directed to be made by a Committee of this House, on the result of whose labours may depend the future renewal or modification of that important impost;
"That in this provisional state of the financial arrangements of the country, it appears to this House to be most consistent with a duo regard to the maintenance of public credit, and the exigencies of the public service, not to make any material sacrifice of public income; in effecting such changes as may be deemed advisable in other branches of Taxation."