Word: brittan
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...government, including twelve in her 21-member Cabinet. Thatcher assured the wary that the ideological balance had not shifted to the right, but the new government certainly bore her stamp. Pym and Whitelaw, for example, were replaced by Chancellor of the Exchequer Sir Geoffrey Howe and his deputy Leon Brittan, both devoted Thatcherites. Nigel Lawson, who proved abrasive but loyal as Secretary of Energy, took over at Treasury...
...Brittan, assistant editor of London's Financial Times, said that the mood known as "Euro-gloom" was due to the fear of an "employmentless expansion." "Outside of France and Italy," said Brittan, "we will get growth rates not all that different from the U.S.'s. But the difference is that they will not bring any relief for the jobless...
BRITAIN: This year the British economy will grow 2.5%, the highest rate among major European nations, according to Brittan. He pointed out that Margaret Thatcher's thumping electoral victory was partly due to the fact that the purchasing power of people still employed has risen over the past four-year period, as inflation fell from 13.4% to 5.8%. Unemployment, of course, doubled to 3 million during that period, but Brittan argued that there exists a vague public agreement that no easy remedy can be found for the worldwide scourge of joblessness...
...board agreed that the business outlook in Europe is gloomier than in the U.S., which also faces postwar record unemployment and stagnating output. Said Brittan of the difference: "For all its problems, the U.S. still has a fairly flexible labor market. There has been hardly any increase in remuneration per head, after adjusting for inflation, since 1967. Europe suffers from rigid labor markets in which costs never go down or even stabilize. As a result, recessions in Europe now tend to be severe, while booms prove short-lived...
BRITAIN. Board Member Brittan, while acknowledging that he had overestimated the growth in Britain during 1982, argued that in 1983 the U.K. economy could expand by as much as 2.3%, in contrast to the current 1% consensus forecast of most analysts. Said he: "Either the economy will not take off at all or it will grow a good deal faster than most believe." Brittan based his forecast on the stimulative effect of a planned March 1983 tax cut, as well as the impact of the recent decline in interest rates, which has not yet been felt in the economy. Though...