Word: selwyn
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Dates: during 1960-1969
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...stressed the unpopular "austerity program" of former Chancellor of the Exchequer Selwyn Lloyd, which imposed a "deflationary policy of tight money and high interest" on Great Britain...
What Macmillan did not expect was a near mutinous-but short-lived-Conservative reaction. After the final round of firings, icy silence from the Conservative benches greeted Macmillan as he entered the House of Commons. By contrast, sacked Chancellor of the Exchequer Selwyn Lloyd drew tumultuous applause from his party when he meekly took a new, third-row seat. The unkindest cut came from Tory Gilbert Longden, who dryly "congratulated" the Prime Minister on heeding Kipling's counsel...
...only be realistically improved by boosting productivity, which in Britain has grown at less than half the rate of its European trade rivals. An easy-money boom ("You never had it so good") led to dangerous inflation that threatened to price British goods out of world markets. Chancellor Selwyn Lloyd has had to clamp drastic restraints on wages (the "pay pause") and credit, thereby deeply alienating the traditionally Tory middle class. Though his harsh medicine was necessary, Lloyd's pious manner of dishing it out irked even his colleagues, who term 1962-style austerity "Selwynism...
Delphic Utterance. The most important head to roll was that of Selwyn Lloyd, who as Chancellor of the Exchequer has administered the government's vastly unpopular, anti-inflationary "pay pause," designed to hold down wages and prices. When he was bluntly informed of his dismissal after five years as a loyal Macmillan ally, Lloyd acidly wrote the Prime Minister: "I realize the policies with which I've been associated have been unpopular. On the other hand, I believe they have been right ... I know you are well aware that the growth of public expenditure should not outstrip...
...preside over the projected liquidation of the Queen's empire (Kenya. Uganda, the West Indies). He has great ability, but usually fails to work hard in fields that do not interest him; economics interests him very much. The big question: whether, through Maudling, Macmillan intends to scrap Selwyn Lloyd's line and move toward inflation ("reflation." as it is currently known in Britain); or whether, in the midst of the crucial negotiations for Britain's entry into the Common Market, he will try to keep to his anti-inflationary policies, merely putting a more amiable and popular...