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Gladstone's First Budget
William Gladstone became Chancellor of the Exchequer under Aberdeen in 1852. He gave the country his ideas for an economy which would move towards Free Trade, a fairer taxation system and the abolition of Income Tax.
The abolition of Income Tax never came about. The following year the Crimean War started and Income Tax was doubled.
William Gladstone |
WILLIAM GLADSTONE (1809-1898)- Liberal MP and Prime Minister (1868-1874, 1880-1885, 1886, 1892-1894)
- Conservative MP for Newark in 1832
- In 1859 joined Palmerston's Government
- Admired Sir Robert Peel
- Became Chancellor of the Exchequer (1859-1866)
- Supported Free Trade
- Reduced public expenditure
- Became Prime Minister for the first time in 1868 and reformed the army, the Civil Service, local government and the law courts
- His foreign policy was perceived by some as weak, but he aimed for world peace
- The great step-change in his career came towards its end, when he changed his mind over Ireland and supported Home Rule
The first public libraries opened in 1850
WILLIAM GLADSTONE ON INCOME TAX
"The Committee will recollect that I said we thought it our duty to look the whole breadth of this difficulty in the face - not to endeavour to escape it, not to endeavour to attenuate, or to understate it, but to face and to settle ... the whole question of the income tax. We propose then to re-enact it for two years, from April 1853 to April 1855 at the rate of seven pence in the pound. From April 1855 to enact it for two more years at six pence in the pound; and then for three more years - I cannot wonder at the smile which I perceive that my words provoke - for three more years, from April 1867 at five pence. Under this proposal, on April 5, 1860, the income tax will expire."
 
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| 1837 | William IV dies
Victoria becomes Queen
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| 1838 | The People's Charter is issued
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| 1839 | The Opium War breaks out
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| 1840 | Victoria marries Prince Albert
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| 1841 | Peel becomes Prime Minister
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| 1842 | The Opium War ends
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| 1845 | The Irish famine starts
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| 1846 | The corn laws are repealed
Russell becomes Prime Minister
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| 1848 | Public Health Act
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| 1851 | The Great Exhibition
Louis Napoleon seizes power in France
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| 1854 | The Crimean War breaks out
Florence Nightingale arrives at Scutari
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| 1855 | Palmerston becomes Prime Minister
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| 1856 | The Treaty of Paris ends the Crimean War
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| 1857 | The Indian Mutiny breaks out
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| 1858 | The Crown takes over the government of India
Derby becomes Prime Minister
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| 1859 | Palmerston becomes Prime Minister
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| 1861 | Prince Albert dies
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| 1865 | Palmerston dies
Russell becomes Prime Minister
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