Word: callaghan
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Unhesitatingly, Wilson took the tougher road. At a conference at 10 Downing Street the morning after the election, he discussed the options with new Chancellor of the Exchequer James Callaghan and Minister of Economic Affairs George Brown. Devaluation was rejected. Instead, Labor produced a plan calling for a 15% surcharge on imports and higher taxes on gasoline and incomes. When these measures failed to stem the developing run on sterling, Wilson summoned his Cabinet and again went over the options, from raising the bank rate to borrowing heavily abroad. In the end, Wilson did both, and Lord Cromer, Governor...
...King & J. P. Morgan. Lord Cromer thus stepped right into a behind-scenes Cabinet hassle over what kind of budget the government should present to Commons in April. Chancellor of the Exchequer James Callaghan reportedly wants to temper spending with a basically deflationary budget, is willing to risk a rise in unemployment; Economics Minister George Brown argues that Britain must proceed with wage rises and welfare spending. For candidly coming out on the side of Callaghan, Lord Cromer earned criticism from both left and right. The Laborite New Statesman lashed him for "calculated political intervention," and the Financial Times faulted...
Shared Skepticism. From its closest neighbors, the patient continued to get little sympathy. At its annual meeting the Organization for Economic Cooperation and Development, a club of 20 Western industrial nations and Japan, listened to Labor's Chancellor of the Exchequer James Callaghan defend Britain's recovery measures as "adequate for the time being." Callaghan was loyally supported by U.S. Under Secretary of State George Ball, but most European countries bitterly attacked Britain's 15% surcharge on most imports...
...first parliamentary test for the new Chancellor of the Exchequer, James Callaghan, 52, who tried to symbolize new approaches by carrying his speech in a plain manila envelope rather than the traditional battered attache case. Known as "the Mod from the Treasury" because of his sharp wardrobe, Callaghan on this occasion was all business, shunned the customary tumbler of "amber liquid" resorted to by Chancellors during their long, dry budgetary speeches. But Callaghan was less of an innovator in the budget itself. Main points...
Ledger-Demain. With an eye to foreign trade, Callaghan took care to affirm that the 15% import duties announced last month were only temporary, to be lifted when and if Britain's balance-of-payment problems are eased. All told, it was a fairly effective act of ledger-demain; the gas-tax increase was passed by a ten-vote margin, the income tax by 26. The budget's impact is decidedly deflationary, since it will take nearly $600 million in purchasing power out of the economy. Some experts believe that this is just what is needed right...