Word: callaghans
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...pegged high to dampen spending, and even a slight rise in unemployment was tolerated by a Labor Party that had always stood for full employment. Saddled with such restraints, Britons quickly became uncommonly economy-conscious. And they listened with uncommon attention last week when Chancellor of the Exchequer James Callaghan, with a rosebud in his lapel and a glass of orange squash close by to fuel him through a 36-page speech, rose in Commons to present the fiscal '68 budget...
...Restoring Our Fortunes Abroad." "The measures," said Callaghan, speaking of last July's austerity orders, "are doing what the government expected of them, namely restoring our fortunes abroad while giving us an uncomfortable time at home. The freeze and squeeze have been worth it." The trade deficit, reported the Chancellor, dropped from $126 million a month in 1964 to $32.2 million a month last year, as exports rose 14%. Britain's baiance-of-payments deficit eased from $974 million to $529 million as funds flowed in. As a result, Britain will be able to pay off debts amounting...
...government was frankly pleased by such results from a year of freeze and squeeze. "We are back on course," Callaghan told the house. "The ship is picking up speed." Then, to the disappointment of his listeners, the helmsman added: "Every seaman knows the command at such a moment: steady as she goes." Callaghan urged another year of deflation. Government spending will rise by 8½%, he said, but wages, profits, dividends will continue to be dampened -by law until the austerity measures run out in July, after that by persuasion and the specter of reimposed orders. To the alarm...
Still, defense of the pound, which finances a third of the world's trade, is the first order of business. And last week Chancellor of the Exchequer James Callaghan told Parliament that by Dec. 2, Britain will repay on schedule the remaining $871 million of a $1 billion sterling-defense loan from the International Monetary Fund...
...potentially vast consequence. Last year interest escalation by major Western powers took on the character of an international rate war, much to the damage of prosperity in Britain and West Germany. Hoping for what he called "a measure of disarmament in interest rates," British Chancellor of the Exchequer James Callaghan met for a Saturday-Sunday session at Chequers, the Buckinghamshire country residence of British Prime Ministers, with U.S. Treasury Secretary Henry Fowler and the finance chiefs of Germany, France and Italy. Their aim: coordinated reduction of interest rates in the U.S. and Europe. They agreed, Callaghan reported last week, that...