The Comment On British War Fiscal Policy During World War Ⅱ

The paper intends to make a comprehensive study and comment on British fiscal policy during the Second World War.The text is divided into four parts.The first part gives a brief introduction to the development and change of the theory of British fiscal policy before the Second World War,then focuses on the theory of Keynes's fiscal policy and analyses it how to make the impact upon the British war fiscal policy.The second part aims at exploring British wartime revenue by studying the wartime tax,borrowing,lend-leasing and other aspects.British wartime taxation was the main source of financial revenue.The government could increase financial revenue by raising tax rates.And also,the rise of tax rates played a role in controlling inflation.However,the income tax alone could not fully make up for the gap of the huge amounts of money to finance the war,so the government issued bonds during the war and raised a lot of money at last by doing it.The third part mainly analyses the aspects of British wartime financial expenditures by discussing the military expenditures and various transfer payments. The fourth part elaborates the relationship between the war effort and inflation,and then makes an analysis of the role of price controls and rationing to curb inflation,and at last analyzes their specific impact on wartime fiscal policy from this point of view.