er ▁implemented ▁Britain ' s ▁first ▁Progress ive ▁income ▁tax ▁in ▁ 1 7 9 8 ▁as ▁a ▁temporary ▁measure . ▁The ▁tax ▁remained ▁in ▁place ▁until ▁ 1 8 0 2 ▁when ▁it ▁was ▁briefly ▁repe aled ▁during ▁the ▁Peace ▁of ▁Am iens , ▁before ▁being ▁re inst ated ▁in ▁ 1 8 0 3 ▁when ▁host ilities ▁res umed . ▁After ▁Britain ' s ▁victory ▁at ▁Battle ▁of ▁Water lo o ▁in ▁ 1 8 1 5 ▁and ▁Napoleon ' s ▁defeat , ▁Chan cell or ▁Nicholas ▁V ans itt art ▁wanted ▁to ▁retain ▁some ▁form ▁of ▁the ▁tax , ▁favour ing ▁a ▁reduction ▁rather ▁than ▁complete ▁abol ition . ▁He ▁fe ared ▁that ▁without ▁the ▁re venue , ▁the ▁government ▁would ▁have ▁difficulty ▁making ▁its ▁deb t ▁pay ments ▁and ▁supporting ▁public ▁credit . ▁But ▁he ▁met ▁with ▁fier ce ▁opposition ▁from ▁the ▁public , ▁and ▁in ▁ 1 8 1 6 ▁the ▁income ▁tax ▁was ▁again ▁repe aled . ▁ ▁Exp ansion ary ▁mon et ary ▁policy ▁ ▁Sus p ending ▁the ▁gold ▁standard ▁In ▁February ▁ 1 7 9 7 , ▁Britain ▁passed ▁the ▁Bank ▁Rest riction ▁Act ▁of ▁ 1 7 9 7 . ▁This ▁susp ended ▁the ▁convert ibility ▁between ▁gold ▁and ▁bank notes ▁as ▁a ▁necessary ▁w art ime ▁measure . ▁In ▁March ▁the ▁same ▁year , ▁the ▁Bank ▁of ▁England ▁also ▁lifted ▁a ▁ban ▁against ▁issu ing ▁small ▁notes , ▁to ▁enable ▁expansion ary ▁mon et ary ▁action . ▁ ▁Foreign ▁mark ets ▁Although