In April 1962, on the eve of Lloyd's second and final budget, he faced a Cabinet rebellion over Schedule A tax (a tax on the theoretical rental value of a house, paid by the homeowner). The Conference Party Conference at Scarborough in October 1960 had voted for the abolition of Schedule A and the Cabinet now insisted on it. Lloyd promised to end Schedule A the following year, at a cost of £50m to the Exchequer. In his 9 April 1962 Budget Lloyd announced an agreed growth target of 4% per annum (he would have preferred 5%). This was in line with current rates of growth in continental Europe, but the Treasury were sceptical that the UK could achieve it, rightly as it turned out. The question of the growth in public spending was left unresolved. In the 1962 Budget Lloyd also increased profits tax by 2.5% and brought in a speculative gains tax, although he stopped short of introducing a capital gains tax, which he thought would discourage saving and enterprise. The budget, on 9 April 1962, reduced purchase tax on cars, TVs and washing machines but increased it on sweets, soft drinks and ice cream, leading to claims that Lloyd was "taxing children's pocket money." The tax on confectionery was expected to raise £30m that year and £50m in a full year. Rumours were already circulating that Lloyd's days in the job were numbered: the journalist William Rees-Mogg wrote that it was "Mr Lloyd's last Budget".