GREAT BRITAIN: Out of the Shadow

Britain has climbed out of the shadow of austerity, and is "steering a fairly even course between the primrose path and the wasteland," Tory Chancellor of the Exchequer "Rab" Butler assured an audience of prosperous merchants at the annual Lord Mayor's Banquet in London. The evidence:

¶ Industrial production is up—4% above 1952, one-third more than 1938;

¶ Sterling area gold and dollar reserves rose $119 million in the third quarter of 1953;

¶ Rationing is all but over.

But chancellors must always sound warnings. To make Britain safe, said Butler, its people must 1) earn more from exports, 2) dig more coal,...

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!