... that war would an effect on the foreign trade and the foreign exchanges. In August 1914 almost everyone expected that the war would be over quickly, including Herbert Asquith the prime minister. He adopted the slogan Business as Usual'. He wanted to convince the British people that the war could be fought without disturbing life in Britain. Initially most people expected ... normal' rate of income tax was raised, by steps. At the same time, prices and wages were rising to about double the pre war level by 1918 and the total numbers liable to income tax rose from 1.2 million in 1913-14 t...

• Word Count: 2038
• Approx Pages: 8
• Has Bibliography