Word: wage
(lookup in dictionary)
(lookup stats)
Dates: during 1960-1969
Sort By: most recent first
(reverse)
...will bring a "sharp break with the weaknesses of the past." The British learned a little bit more last week about just how much they will be asked to sacrifice. Partly in order to get a $1.4 billion credit from the International Monetary Fund, Britain vowed to continue tight wage controls, promised to make heavy cuts in its budget and to take any further steps necessary to reverse its balance-of-payments deficit...
Advent of Minipounds. The Tory attacks were predictable, of course, but their unexpected ferocity stemmed from Wilson's tricky presentation of devaluation. To Callaghan, formerly known as "Sunny Jim," Wilson delegated the plain speaking about devaluation: the inevitable rise in domestic prices, the need to hold down wage increases. Callaghan, whose frankness enabled him to emerge from the affair looking much better than Wilson, may well be moved to a new post in a Cabinet reshuffle within a month or two. Wilson, on the other hand, was conveniently obscure or deftly evasive in his television address to the country...
Unless Britain tightens its belt still further, by holding wage increases down while the price of imports bought in minipounds rises, the gains of devaluation will be dissipated by inflation. Though the giant Transport and General Workers' Union agreed to go along with a voluntary pay freeze, the striking dock workers refused to go back to work last week. There were also undisguised rumblings for bigger pay packets from the rank and file that may make it difficult for Wilson to hold the line on wage increases...
...will hit the pocketbook of every Briton. Grocers warned that food prices will rise at least 5%, starting with imported fruit, meat and vegetables. The cost of living normally jumps when food-importing Britain devalues. This time the price increases seem likely to touch off a new round of wage demands that Prime Minister Wilson, no longer armed with pay-freeze powers, will have trouble restraining. Promising that his complex web of economic restrictions and new taxes will somehow enable Britain to raise its output, cut unemployment and limit inflation to 3% next year, Wilson last week rebuffed Tory efforts...
...France, many analysts feel that the country's economic planners misjudged the economic trend and kept wage-and-price-stabilization rules in force too long. Twice this year, Finance Minister Michel Debre has been forced to lower his goal for economic growth, first from 6% to 5% and most recently to 4.2%. Wage rates are now rising faster than production and prices are climbing, despite a 41% rise in unemployment (to 212,800) over the past twelve months. Among the Six, only Italy enjoys a vigorously expanding economy, with prospects for a 6% growth this year amid stable wages...