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The Chancellor Meets His Match

In: The Political Economy of Robert Lowe

Author

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  • John Maloney

Abstract

Lowe inherited a fiscal State which, in the Tories’ last full year in office, had spent £71,236,000, around 9 per cent of national income. Of this, £2 million was a special grant to finance the Abyssinian expedition. Of the remainder, three-eighths was devoted to servicing the debt, and three-eighths to ordinary military (including Indian military) expenditure. The cost of tax collection accounted for 4 per cent of spending, and the (profitable) outlay on posts and telegraphs 5 per cent. That left £10,385,000 for expenditure on civil administration, of which two-thirds came under three headings: law and justice (£3,021,000), civil service and diplomatic salaries and expenses (£2,276,100) and education (£1,597,400). Most of the rest comprised public works and buildings and the upkeep of the monarchy.

Suggested Citation

  • John Maloney, 2005. "The Chancellor Meets His Match," Palgrave Macmillan Books, in: The Political Economy of Robert Lowe, chapter 9, pages 89-115, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50404-2_9
    DOI: 10.1057/9780230504042_9
    as

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