Reported in the News Letter on August 22, 1945: Financial path ahead will be hard and stony, warns Chancellor

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Mr Hugh Dalton, Chancellor of the Exchequer, outlining the Labour Government’s financial policy in the House of Commons, Westminster, yesterday, announced that he would introduce a Budget in the autumn.

“But I warn the public against harbouring extravagant expressions of tax relief,” he said.

“Having regard to the tremendous changes of the last few months and weeks, it is essential to reconsider the whole field covered by the Budget.

“There are some very grave financial problems which we will have to examine in the autumn and the years ahead.

“The financial path is not going to be at all easy. It is, indeed, for some years going to be hard and stony, but I am sure we will have confidence in the eventual outcome and have the willingness to face all awkward situations as we pass along.”

He felt that the House would support the Government in approaching these problems in a coldly realistic spirit, backed by an idealistic purpose.

“We must not expect to find,” he said, “Utopia ready baked for the next meal, but there is no reason why we should not proceed as rapidly as we can.”