INFLATION: The Phase I Chill in Britain

BRITAIN'S Prime Minister Edward Heath this week took a page from the textbook of Nixonomics. Faced with one of the worst inflation rates in Europe, and with a fall in the value of the pound to an alltime low, Heath ordered a 90-day freeze on wages, prices, rents and dividends. That, he said, was only the "first stage" of a new anti-inflation policy. After 90 days (or possibly 150, since the freeze can be extended for 60 days), Britain will begin a "second stage" comparable...

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