Word: callaghans
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British Prime Minister James Callaghan 's Labor Cabinet is six weeks old, and "Sunny Jim " is still enjoying an early crest of popular approval. Some of that can be traced to his government's success in negotiating a second-phase pay increase limit with the country's trade unions that is designed to halve Britain's critical inflation rate to about 6% by the end of next year. Another Callaghan asset is his personal openness and ebullience. At his new official home at No. 10 Downing Street, he tells visitors that he feels like a cardinal...
Last week Callaghan discussed Britain and the world as he sees it from his new vantage point with Time Inc. Editor in Chief Hedley Donovan, TIME Managing Editor Henry Anatole Grunwald and London Bureau Chief Herman Nickel. Excerpts...
...Callaghan can probably count on strong popular support for the new policy. Recent polls suggest that as much as 70% of the country backs tax relief in return for stringent pay restraint. Even the Tories approved; Sir Geoffrey Howe, the Conservatives' shadow Chancellor, admitted that the plan reflected "a greater sense of realism...
Monumental problems still confront Callaghan. Because two Labor M.P.s died in the past month and a third quit the party, Labor's ruling bloc has lost its thin majority in the House of Commons, where it now holds 313 of the 631 seats. Labor still maintains a 38-seat edge over the Tories and can count on a few votes from the minor parties to enable it to continue governing, but it may lose its grip on the important committee chairmanships. The Tories, moreover, demonstrated impressive muscle in last week's balloting for town and district councilmen...
Deft Leadership. Although there is little doubt that a special T.U.C. conference, called for next month, will approve the new pay policy, the Callaghan government must exercise deft leadership to ensure that the voluntary restraints are not breached. If the government seems unable to make the wage agreement stick, the run on the pound, which stabilized at about $1.83 last week, could continue. Since this would boost Britain's bill for imported raw materials and food, it could quash London's hope for a real recovery...