Faced with five by-elections this month and the highest unemployment rate (2.1%) in three years, impatient Tories have been muttering that line from that old backbench ditty: "Stop dawdling, Maudling." In his first major House of Commons speech since he succeeded Selwyn Lloyd as Chancellor of the Exchequer four months ago, Reginald Maudling last week presented a long-awaited "policy of expansion" that surprised even the most skeptical Tories with its boldness. When he had finished, he left no doubt that the economy was to dawdle no more.
Industrial investment, one of the...
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