Foreign News: Soak-the-Rich

Most anxiously awaited day in Britain's Parliamentary year is the one on which the Chancellor of the Exchequer "opens" his Budget in the House of Commons, because ever since 1917 Britons, great and small, though ruled for the most part by Conservatives, have paid out staggering income taxes. Outstanding British taxpayers like Lord Leverhulme (soap), Lord Wakefield (oil), Joseph Rank (flour & shipping) and Lord Nuffield (motors) are relieved of as much as 66% of their incomes by the Government, and it was these who faced the 1937 Budget with most fear 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!