Word: callaghans
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Furtively Bruited About. While all this was going on Harold Wilson and his ministers were bent on a course that they had tried desperately to avoid ever since he took over as Prime Minister three years ago. Two weeks before, Chancellor Callaghan had gone to Wilson and reported that the Treasury's quarterly forecast showed that the outlook for 1968's balance of payments looked even worse than had been expected, and in fact suggested that there would be no improvement at all over the current year. In July, Callaghan had said publicly: "Those who advocate devaluation...
Exchequer James Callaghan, 55, took on the task of softening the 1,206 delegates on the crucial economic issue. Bright and incisive, yet unmistakably working-class, Callaghan buttressed his own claim to the No. 2 spot in the Labor Party by successfully presenting Wilson's unpopular deflationary policies as the only sensible way to deal with the "mess" left over from 13 years of Tory rule. Though self-taught in economics (his education ended at the secondary level), Callaghan has a thorough grasp of world finance, and he explained the necessity of tough measures in a common-sense...
...deal with embargoed Rhodesia (see following story"). Douglas Jay's ouster as President of the Board of Trade-a post equivalent to the U.S. Secretary of Commerce-showed that Wilson is determined to pursue British membership in the Common Market, which Jay bitterly opposed. And by keeping James Callaghan as Chancellor of the Exchequer against the expectations of many political analysts, Wilson again signaled the West's financial community that he stands by his vow not to devalue the pound...
Only modest changes will be made in tax laws, giving a break for example to motorcyclists and liquor-store owners. The way to health, said Callaghan, is through increased productivity rather than lower taxes. "If you happen to be an unmarried woman novelist running a liquor store and supporting a widowed mother who does part-time work, with a passion for motorbikes and wanting to buy a house this autumn for ?5,500 then this is your budget," sniffed the Daily Express...
Stay-at-Home Vacations. For all the gains that Callaghan proudly pointed to, Britain is not yet clear of some economic shoals. The government still owes another $1.4 billion to the IMF, which will come due in 1970. The trade gap is far from permanently closed. And lately it has begun to widen, largely because the U.S., on whom Britain depends to absorb its stepped-up exports, has problems of its own and is buying less. Unemployment, while leveling off some, is still 2%; the Selective Employment Tax that was supposed to force workers out of service jobs into manufacturing...