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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 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]
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 ...
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...
For thirty years Gladstone and liberalism were synonymous. William Ewart Gladstone served as Prime Minister four times (1868–1874, 1880–1885, 1886 and 1892–1894). His financial policies, based on the notion of balanced budgets, low taxes and laissez-faire, were suited to a developing capitalist
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
1842 Budget of Sir Robert Peel results in abolition or reduction of many customs duties, and reintroduction of Income Tax. 1845 Beginning of Irish Famine. 1846 Repeal of Corn Laws. 1853 Gladstone’s first Budget. Many further reductions in indirect taxes, including abolition of soap duties. Abolition of Irish Poor
