Mono Book Illustration
THE QUEENS 'SEVENPENCE'
11 March 1842
Sir Robert Peel introduced his Budget. It included an Income Tax of sevenpence in the pound.
The main design of the Budget, he said, was the taxation of wealth, and the relief of manufacturing industry. “There were many long faces on Saturday morning,†said Mr. Punch a propos of this announcement. “ Friday's sun rose upon Sir Robert as the tutelary genius of England ; in his right hand he held the golden key of abundance. Saturday came, and the Prime Minister was the despoiler of men’s cupboards, for the key had fallen from his grasp, and in his hand was a mortal pistol whereon was written — Income Tax !†Punch however admitted that Sir Robert Peel “has looked a great evil boldly in the face, and has proposed an unpopular but sufficing remedy,†and he prophesied that “ Respectability †(now in a great huff with poor Sir Robert) will “ smooth his wrinkled front,†and, after some qualms, resolve to return as fair an account of income as his conscience will permit, and (though it will be a trial to the temper and the pocket) to pay the sevenpence in the pound like a Briton and a man.â€
The Ministerial financial scheme, though meeting with some opposition from the Liberals, was carried both in the Commons and the Lords practically unchanged.
Lord Brougham, in dealing with Sir Robert Peel’s proposals, took occasion to compliment the Queen on volunteering to subject her income to the Tax.
