By J. Maloney
Robert Lowe's wit and brilliance made him probably the most famous and detested figures of the Victorian age. yet he used to be additionally the one classical economist to develop into Chancellor of the Exchequer, and this is often the 1st research of him through a fellow economist. It indicates how as Chancellor he triggered a rebel along with his proposed fit tax and hankered to take Britain right into a unmarried eu foreign money.
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Additional resources for The Political Economy of Robert Lowe
The second was an eightshilling grant conditional on the child passing examinations in arithmetic, reading and writing, 2s. 8d. to be deducted for each subject failed. Education, Education, Administration 41 The idea was not wholly new. The Department of Science and Art (now also Lowe's responsibility) had been paying schools by results, where art and science instruction was involved, since 1856. What was new was Lowe's determination that kindly inspectors, loath to enforce payment by results, should no longer obstruct the principle.
The days were gone when tariff reductions might increase total revenue. The worst tariffs were long dead, with the result that the economy was no longer on the sunny side of the Laffer curve. It was gratifying in a way that taxes had fallen to the point where inadequate revenue could be the main fear. 40 Lowe was being disingenuous so far as some of his own tax cuts, as Chancellor, might have been used to secure reciprocal concessions. Germany and Belgium had both signified willingness to cut tariffs if Britain would lower her duties on tobacco and sugar.
Critics - then and later - claimed Lowe's real objective was to reduce government spending on education. Lowe never expected this, and refused to predict whether the Revised Code would even slow down the rate of increase. Instead he promised the Commons that it would be either cheap or efficient. 'The present is neither one nor the other. ' 10 Lowe also vigorously denied the charge that, because he had chosen the three Rs for examination, he must think nothing else mattered. The subjects to be examined, he told his Permanent Secretary, represented 'an amount of knowledge which could be ascertained thoroughly by examination.