Word: minibudget
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Britain's heavily burdened taxpayers last week got an early Christmas present from Denis Healey, the Labor government's stern Chancellor of the Exchequer and previously a champion of austerity. Presenting his second minibudget of the year to a tune of increasing optimism over North Sea oil, Healey abandoned his Scrooge-like posture to unwrap a package of tax cuts and state-pension increases worth $1.75 billion this fiscal year (which ends next March) and $3.5 billion in the following fiscal year. Under the proposals, a married couple earning $8,750 a year will pay $95 less income tax; Britons...
...After trailing badly for a long time. Labor is now running neck and neck with the Conservative Party in public-opinion polls. Callaghan must call an election within the next 24 months, but could do so earlier if Labor takes a strong lead?as it might if Healey's minibudget proves popular. The London Times editorialized that the budget seemed designed "to keep the political initiative rather than for any purpose of managing the economy." Tories, bitter because Labor had stolen their policy of aid to small businesses, described Healey's package as "a budget of repentance ... an electioneering budget...
...rush to secure victory at the polls may spur a new round of inflationary consumer spending. Labor Party leaders said at Brighton that Britain ought to spend North Sea revenues to modernize its industry and build new income-producing businesses. By giving most of its goodies to consumers, this minibudget goes in the opposite direction...
...early policy decisions. He chose to sell arms to racist South Africa to demonstrate his rugged independence in foreign affairs. He picked the relatively underpaid nationalized workers to prove his toughness in the face of inflationary wage claims. Then, too, there was Heath's minibudget, whose combination of tax cuts and rollbacks in social services is now seen by some to benefit only the well-to-do or the very poor. More and more, Britons are beginning to wonder whether Heath's critics are on to something when they say that he is not so tough...
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