1965 Budget (James Callaghan)
The second budget of the new Labour Government. Brought in Capital Gains Tax and Corporation Tax. The favourable tax treatment of businessmen's entertainment allowances was ended. The Budget was followed by one of the most complex finance bills ever. The opposition to the Finance Bill was led for the Conservatives by Edward Heath who did much to enhance his reputation. The Chancellor was forced into a number of
concessions to get the bulk of his legislation through.
TV graphics, 1965
The cancellation of the TSR-2 One of the bitterest battles surrounded the scrapping of the TSR2 project, a strike-reconnaisance aircraft which was regarded
as taking up too many resources which, so the Chancellor believed, should be re-deployed into industries like car making. The TSR-2 was replaced by the US F-111 fighter, until it too fell victim to defence cuts.
Can you believe it...?
if any anything might have inspired our car makers to produce well engineered products with a modicum of R&D investment in them, it might have been the example set by a succesful aircraft industry !