Pages: 284-287

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LLOYD GEORGE ON £4 BILLION (4/V 1915)

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Lloyd George in the House of Commons.
Tuesday, 4.V. 1915. (Daily Telegraph, 5.V.)
...What is the income of this country?
The income of this country in times of peace is £ 2.400.000.000
Now it is probably higher. Why? We are spending hundreds of millions of borrowed money
here. Most of it is spent in this country. Men are working time & overtime, their wages are
higher; profits in certain trades are higher, certainly considerably higher; & the result is
that the income of this country at the present moment is probably higher than in times of
peace. Some are probably making huge profits — (hear, hear) — & others have raised their income
far beyond their ordinary standard.
I have no doubt that it would be perfectly just when we come to consider, if we can have
to do it, what taxes you have to raise or what contribution you have to levy in order to enable
you to get through a war lasting two or three years — it would be perfectly legitimate to resort
to those who have made exceptional incomes out of the war (cheers)
What are the ordinary savings of this country in times of peace? The
ordinary savings are about £ 300 to 400 (mil lions) per annum. The income is higher, & I
[ 286 ]

LLOYD GEORGE ON £4 BILLION (MAY 4, 1915)
Lloyd George in the House of Commons. Tuesday, May 4, 1915. (Daily Telegraph, May 5.)
...What is the income of this country? The income of this
country in peacetime is £2,400,000,000.
Now it is probably higher. Why? We are spending hundreds of millions of borrowed
money here. Most of it is spent in this country. People are working their regular hours
and overtime, their wages have increased; profits in some enterprises have become higher, of
course, significantly higher; as a result, the income of this country at the present moment is probably
higher than in peacetime.
Some are probably making huge pro fits — (hear, hear) — and others have increased
their income far beyond their usual level.
I have no doubt that it would be perfectly fair if we considered, if we could do it, what taxes you must increase or what
payments you must reduce in order for you to be able to endure the war for two or
three years — it would be perfectly legitimate to turn to those who have had exceptional in
come from the war (laughter)
What are the usual savings of this country in peacetime? Usual savings are about £300-400
(millions) per year. The income is higher, and I
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POUNDS STERLING
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do not think it is too much to say that in every country in Europe the standard of living is consi
derably lower — I am not sure to what extent.
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[billi] ons of £
But the savings ot this country during the period of the war when the income is higher
ought to be double.
He also there «We are an enormously rich country — certainly the richest in Europe. I am not sure
that we are not the richest country in the world, in proportion to population.
We have
£ 4.000.000.000 invested in foreign & colonial securities of the best» !!.
«...We have got to finance the pur chases of most of our Allies»...

LLOYD GEORGE ON £4 BILLION STERLING think I am not exaggerating when I say that in
every European country the cost of living is significantly lower - I don't know to what
extent.
But the savings of this country during the war, when income is higher, should be
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doubled.
"We are a colossal rich country - without doubt, the richest in Europe. I do not know
if we are not the richest country in the world in proportion to the population.
We have invested
4,000,000,000 pounds in the best foreign billions and colonial enterprises"...
of pounds "...We can finance the pur chases of most of our allies"...