Foreign News: Circumstance

The budget was a stunner, in several ways. It was a beauty for balance; Hugh Dalton had achieved a surplus of about £270,000,000 ($1,080,000,000). It had an unmistakably Laborite look in keeping income taxes high on the rich and the middle class, while easing those of the low-income group. But it had one monstrous feature: the duty on tobacco was upped by 50%. That meant that a package of 20 cigarets, which cost 47¢ on Budget Day, cost 67¢ the day after.

Britons, who had expected some increase, were shocked. They swore at Dalton for soaking the poor where it hurt. And...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!