Word: cromer
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Dates: during 1960-1969
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...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 of the Bank of England, was a shrewd adviser as U.S. Treasury Under Secretary Robert Roosa and others rounded up a life-saving fund of $3 billion from key banks of the West...
According to experts in Britain, these measures must include: stricter wage price controls, more tax and credit concessions to exporters, reorganization of the dock industry and, in some cases, like steel, immediate nationalization. To eliminate the deficit, Lord Cromer warned last week, Britain must revitalize her entire economy. The three billion dollar rescue that saved the pound in November "no more guarantees our future than Dunkirk presages swift victory...
...reckoning is at hand, Lord Cromer told a gathering of Scottish bankers in Edinburgh. The $3 billion international rescue that saved the Brit ish pound last November "no more guarantees our future than Dunkirk presaged swift victory in 1940." If the government is to prevent hardship for every British family, he said, it must quickly and decisively put its house in order by boosting productivity and cutting back on its spending schemes. Said he: "I only hope we face up to this need whilst there is still time...
...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...
...dropped out after a year), wartime service in the Grenadier Guards, and a postwar stint with J. P. Morgan & Co. in Manhattan before he became managing director of the family bank in 1947. Sent to Washington in 1959 as Britain's chief economic representative to the U.S., Lord Cromer won a reputation for entertaining well and reporting incisively. In 1960 Harold Macmillan appointed him as the youngest governor of the Bank of England in two centuries. Soon after he took office, he stirred a tempest by publicly criticizing the Tory government for spending too heavily...