British finance of the war

Abstract

My desire is to ascertain how the United Kingdom is financing this war; how is the money being found for the vast expenditure which is necessary; how much is being found by loans, and how much by taxation; and of the new taxation how much is direct taxes and how much is indirect taxes. To go into the particulars of four Budgets would be to get swamped in details. Accordingly I will ignore the division into separate financial years, and I will take the two years from April 1, 1914, to March 31, 1916, as one entire period, being four months of peace and twenty months of war.