Financial Resolutions, 1978: Financial Statement, Budget, 1978. - Other duties
I have no other proposals with regard to excise duties. If I am not proposing any increases in excise duties today, I trust its significance will not be overlooked. It is intended as another substantial contribution by the Government to the process of reducing the rate of inflation to a level at which price increases are not disruptive either of private living standards or of the economy generally. It is a positive contribution because for the most part excise duties are flat-rate and not a percentage of the price of the product. Thus the longer the excise duties remain unchanged the more the relative weight of these taxes in the price of the goods concerned diminishes.