Copy of a letter from the Chancellor of the Exchequer [WSC] to King George V about his budget proposals. He explains that the budget has two main objectives: to provide security for the wage earning population against misfortune and to encourage the "enterprise of the nation" by remission of income taxes; that the 1925 budget is based on tax revenue of £826 million set against expenditure of £799.5 million; proposals to increase estate duty and taxes on luxury goods and to re-introduce the "McKenna duties". The increased revenue will be used on compulsory contributory pension systems and there will be benefits for insured families and increased stake in the nation for wage earners. Super Tax will be reduced, as will tax on investment by "the black coated working man" and income tax. Imperial preference will be increased on sugar and tobacco to fulfill policy towards India and the Dominions. The country will return to the gold standard, revenue credits have been built up for this purpose, so there will be a uniform standard of value in the British Empire.Carbon typescript.