MS. Asquith 5, fols. 100v-1
© Crown Copyright
Copy of Asquith's Cabinet letter to King Edward VII outlining the proposals of David Lloyd George's 'People's Budget', 31 March 1909. The 'People's Budget' marked a turning point in British history. It was designed to harness the revenue raising powers of the treasury to pay for social measures such as old age pensions, unemployment insurance and public works. In order to fund these schemes taxes were introduced on land, petrol, tobacco and alcohol along with death duties and a super tax on incomes over £5000 p.a. It was a controversial budget which would lead Asquith and the Liberals into a confrontation with the Conservative dominated House of Lords.