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Gladstone's budget of 1860 was introduced on 10 February along with the Cobden–Chevalier Treaty between Britain and France that would reduce tariffs between the two countries. This budget "marked the final adoption of the Free Trade principle, that taxation should be levied for Revenue purposes alone, and that every protective ...
- Himself
- Liberal (1859–1898)
- Sir John Gladstone, Anne MacKenzie Robertson
Gladstonian finance emphasized a balanced budget, minimum government spending, the abolition of protective tariffs, and a fair balance between direct and indirect taxes. In his 1853 budget he repealed about 140 duties; in 1860 he repealed duties on 371 articles, many of them as a consequence of the treaty with France which he planned and ...
taxes without renegotiating the terms in which the country is run. 11 Allegedly, Gladstone’s 1874 election manifesto, with its offer to repeal the income tax, encapsu - lated the spirit of such strategy. 12 However, this experiment was never enacted, because he lost the election and the incoming Conservative govern -
The 1860 budget reduced the number of duties to 48, with 15 duties constituting the majority of the revenue. To finance these reductions in indirect taxation, the income tax, instead of being abolished, was raised to 10d. for incomes above £150 and at 7d. for incomes above £100. [8]
17 de oct. de 2023 · In April 1864, Mr. Gladstone’s Budget, which remitted taxation to the extent of two and a half million, but did not deal with the malt duties, led Punch to make Mr. Gladstone for the first time the central figure in a political cartoon.
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agricultural producers and reformed its tariff through the 1850s. With Gladstone's famous budget of 1860, Britain eliminated all remaining protectionist duties and maintained a tariff only to raise fiscal revenue on a few imported consumption items that either were not produced at home or were already subject to domestic excise taxes.7
29 de may. de 2018 · Gladstonian finance emphasized a balanced budget (i.e. with no deficit), minimum central government spending, the abolition of all protective tariffs, and a fair balance between direct and indirect taxes (Gladstone hoped to abolish income tax, which he disliked, and to replace it with other direct taxes).
