CHAMBERLAIN (Neville, 1869-1940, Prime Minister)

Magazine photograph of the portrait by Sir Oswald BIRLEY (1880-1952, Portrait Painter) Signed in a dark portion, showing him as Chancellor, three quarters length, standing, resting his elbow on the despatch box, 9” x 6”, no place,

After the 1931 general election, in which supporters of the National Government (mostly Conservatives) won an overwhelming victory, MacDonald designated Chamberlain as Chancellor of the Exchequer. Chamberlain proposed a 10% tariff on foreign goods and lower or no tariffs on goods from the colonies and the Dominions. The Import Duties Act 1932 passed Parliament easily. Chamberlain presented his first budget in April 1932. He maintained the severe budget cuts that had been agreed at the inception of the National Government. Interest on the war debt was a major cost. Chamberlain reduced the annual interest rate on most of Britain's war debt from 5% to 3.5%. Between 1932 and 1938, Chamberlain halved the percentage of the budget devoted to interest on the war debt.

Item Date:  1933

Stock No:  42397      £325

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