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Mr. Chamberlain impressed on the House the urgent need for

economy on the part of the Government and the private citizen. He outlined the Budget of a normal year, perhaps in or after 1922. The revenue would be £652,000,000 on the present basis; the expenditure, including £400,000,000 for Debt and £110,000,000 for defence, would be £766,000,000. He therefore proposed new taxes which in a normal year would produce £114,000,000, the amount of the expected deficit.

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