Word: macmillan
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...course towards inflation. Last month Britain's gold and dollar reserves dropped to a figure lower than at any time since 1952. Instead of closing, the trade gap was widening alarmingly. Vital coal production, which had dropped 2.000,000 tons last year, was still dropping. Harold Macmillan. the new Chancellor of the Exchequer, said ruefully: "One of the Prince Regent's physicians earned a certain notoriety, though not perhaps very large fees, by telling his royal patient that all that was wrong with him was that he was too greedy. That was no doubt unpopular, and politicians have...
...government concluded that it could not wait for remedies until the April budget. Pale and worried, Chancellor Harold Macmillan rose in Commons one day last week and announced his new measures. The day before, he had raised the bank rate (equivalent to the U.S.'s Federal Reserve discount rate, now at 2½%) to 5½% - highest since the depression days of 1932-in a move to tighten the supply of borrowable money. Now he jumped on the British consumer, who has been enthusiastically snatching up goods on the "never-never" (British slang for the installment plan). The minimum...
...Macmillan also announced a $196 million cut in government spending. Items: cutbacks in construction programs for nationalized railroads and coal mines, delay in school building. To save another $106 million, he cut the government subsidy on bread and milk. Result will be to make British housewives pay one penny more for each loaf of bread and quart of milk. "Inflation must be mastered if our personal lives are not to be darkened by continual anxiety and uncertainty, and our country's position in the world seriously undermined," he warned...
...Macmillan's move on the householder's budget brought cries of "Shame!" from the Socialist benches. "How prosperity hurts under the Tories!" mocked the Laborite Daily Herald. Other critics, however, pointed out that while cutting food subsidies, the Tory government was simultaneously adding $280 million to the costs of Britain's welfare state by increasing health and education services...
...fear is gone, or at least the urgent sense of it. "There ain't gonna be no war," cried Britain's Foreign Secretary Harold Macmillan in the afterglow of Russian smiles at the first Geneva meeting at the summit. Last week the NATO nations, sweaty in their armor under the fitful post-Geneva sun, were somewhat shamefacedly wondering aloud whether all that weight was really necessary. They sometimes had the air of men trying to remember what all the excitement had been about. Implied but never stated was a bigger question: "Is NATO itself really necessary...