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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
The first Gladstone government (December 1868 – February 1874) has been widely regarded as one of the great game-changers in modern British political history. Few other administrations are in the same league, and they include the 1841–6 Peel government (which introduced a peacetime income tax and ushered in free trade), the Liberal ...
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]
Gladstone gave the following striking comparison between the value of the French exports in 1860, the year of the treaty, a year admitted to be a good year, and the same ex- ports in 1864. We...
Gladstone had set 1860 as the year for the repeal of income tax, and his Budget that year was eagerly awaited. Ill health caused it to be delayed and for his speech to be shortened to four hours. But he had to tell the House of Commons that he had no choice but to renew the tax.
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
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 In his 1853 budget he repealed about 140 duties; in 1860 he repealed duties on 371 articles, many of them as a consequence of the treaty with France which he planned and ...
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