The first lesson in the Sunday service at the Church of St. James the Apostle in the Essex village of Greenstead Green was read to the congregation by that distinguished parishioner, Chancellor of the Exchequer Richard Austen ("Rab") Butler. The text was from Isaiah. "How beautiful upon the mountains," read Butler, "are the feet of him that bringeth good tidings ... of good."

Two days later, on Budget Day, Rab Butler rose in the House of Commons and passed out to Britons the best economic tidings in years:

¶ For the first time since...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!