Word: callaghans
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...Minister, his feet propped on the table beside the dispatch box, where his Chancellor of the Exchequer droned on sonorously about Britain's finances. From the jammed benches on both sides of the chamber came a cacophony of hoots and jeers. It got louder and louder as James Callaghan spelled out the political package that he and Harold Wilson had designed to please the public. First, he promised that there would be no major tax increases for the average wage earner. On the Tory benches the jeering grew louder. Next, Callaghan announced a tax on upper-class forms...
Last week the 21-nation Organization for Economic Cooperation and Development dismissed Britain's export performance as "consistently unsatisfactory." Seeking to calm the foreign fear, Chancellor of the Exchequer James Callaghan unfurled what amounts to Labor's third budget in nine months: a series of tough deflationary measures that stop just short of import quotas, which would be Britain's last line of defense against devaluation...
...stem imports, the government ordered a reduction in the amount of money available for purchases abroad, also stipulated that British importers stop paying in advance for foreign goods. Estimated saving: $126 million a year. To spur British sales abroad, Callaghan said that interest charges for short-term export credits will be trimmed from 7% to 6%; the government will also delay planned construction projects for schools, hospitals, housing and roads-thus bravely inviting a rise in unemployment in hopes of overcoming labor shortages in key export industries, such as shipbuilding. To dampen domestic demand and bring down export prices...
...dollar reserves. Many Europeans have complained that the U.S. flooded their economies with dollars and bought up too much of their industries; but now that the dollars are being brought back home, they wonder what they can use for a trading currency. British Chancellor of the Exchequer James Callaghan, among others, warns that the present shortage may constrict international trade, upon which much of the world's economic growth depends...
...Common Cause. Callaghan pointed to an improved payments deficit since last November's sterling crisis, predicted that last year's $2.5 billion deficit will be sliced to $850 million and that a surplus will be reached by the fall of 1966. He clearly feels that Britain's austerity measures have not yet had a chance to work. He stressed the pound's strong reserve backing: $2.8 billion in gold and currency buttressed by a $1 billion standby credit with the Federal Reserve System and the Export-Import Bank, plus a $1.2 billion Government-owned portfolio...