Word: rab
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...tough and noisy non-Victorian from the Welsh coalpits, and moderate Economist Hugh Gaitskell, 49, the scholarly-looking favorite of the big trade unions. Gaitskell is by far the stronger candidate. A skillful debater whose economic ideas are so similar to those of Tory Chancellor of the Exchequer "Rab" Butler that Britons have coined a single phrase for them (Butskellism), he trounced Bevan at last year's election for party treasurer and is a cinch to do the same again at the next Labor conference in October. But Gaitskell is no hail-fellow well-met among the horny-handed...
Last week, at its annual conference in the seaside town of Southport, Britain's giant Trades Union Congress (membership: 8,000,000) faced the issue of inflation head on. Its president, Charlie Geddes lashed out at Tory Chancellor of the Exchequer Rab Butler for slashing taxes before the last election (TIME, May 2), but devoted most of his speech to an eloquent plea for restraint. "If we exploit full employment," he warned, "our children may be exploited by unemployment ... If we are pricing ourselves out of the export market, we are pricing ourselves out of a job?and that...
Doing Too Much? To reduce demand ?and hold down prices?Rab Butler has twice tightened up on British credit facilities (TIME, Aug. 29). So far all his maneuverings have met with little success. "We are trying to do too many things at once," said Prime Minister Eden last week. "Better roads, modernized railroads, more houses, new power stations to develop nuclear power . . . maintaining our armed forces for service on many continents . . . equipping them with modern weapons?there is nothing to criticize in any of these aims, but they cannot all be met at once. Some must be restrained...
Last week Britain's hallowed institution suffered a rude shock. Responding to a request by Chancellor of the Exchequer Rab Butler, bank managers dispatched polite letters to their clients: "If it is convenient" would the clients reduce their overdrafts by an amount specified to meet the particular situation? The purpose: shrink Britain's bank credit (estimated at some $6 billion) by at least 10%, thus help Butler's war against inflation (TIME...
...Rab" Butler's bad news was that the British boom is faltering. Production is higher than it has ever been, but consumption is higher still, and the island is not paying its way. The evidence, as Butler laid it before the Cabinet...