Budgets 1733 - 1885
1733 Budget (Sir Robert Walpole)The first use of the term 'budget' may date from this financial statement by Walpole as Prime Minister and Chancellor of the Exchequer. A cartoon of him opening a patent medicine seller's wares as a satirical comment with the caption 'The Budget Opened' was published at the time. ('Budge' is an old word for a bag or small case).
1799 Budget (William Pitt)Income tax introduced under an act of the same name.
1802 Budget (Addington)Abolished income tax.
1803 Budget (Addington)Re-introduced income tax. The beginnings of deduction of taxation at source can be traced to this budget.
1816 Budget (Vansittart)The Napoleonic Wars had ended and, after increasing parliamentary resistance, the income tax was reduced. Further parliamentary pressure led to its abolition.
1842 Budget (Goulburne)Although Goulburne was Chancellor, Sir Robert Peel, the Prime Minister, introduced this historic budget. Income tax was brought back, and a number of reductions in import duties were made, moving the country along the path to free trade.
1846 Budget (Goulburn)Repealed the duties on the import of corn.
1852 Budget (Benjamin Disraeli)Attempted to make some reforms in both income tax and import duties. However the proposals were defeated and the government then resigned.
1853 Budget (William Gladstone)Notable for the longest budget speech ever (five hours). Income tax was retained and, although Gladstone envisaged its abolition it remained for his time in office.
1855 Budget(GC Lewis)Abolished stamp duty on newspapers.
1874 Budget(William Gladstone)Gladstone again envisaged the eventual abolition of income tax.
1885 Budget (Childers)A proposal to raise the rate of income tax to 8d in the pound was defeated in the House of Commons, a vote which the government had declared it would treat as one of confidence. The government then resigned.