BUSINESS ABROAD: Britain: Best of Two Worlds

Nothing perhaps pleased Tory Chancellor of the Exchequer Rab Butler and his Conservatives so much as the designation: "Chancellor of the Continuing Boom." Britain's boom and its attendant pleasures—the highest standard of living ever, the end of all rationing, a 50% increase of production over prewar years—was the largest single reason for the Tory sweep in the May general elections. After six years of war and half a dozen more of stiff austerity, all this seemed too good to be true.

It was. Last week Rab Butler rose in the House of Commons, and to the discomfiture of his party...

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