Britain: Nasty but Necessary

Everyone had known since the devaluation of sterling four months ago that Britain would have to produce a tough budget this spring in order to re establish international confidence in the pound. But, as Britons discovered last week, no one had guessed quite how tough. In a commanding and convinc ing 135-minute speech, Chancellor of the Exchequer Roy Jenkins spelled out new fiscal measures that are the most se vere since the Depression year of 1930. They will levy on already heavily bur dened Britons a total of $4 billion in new taxes during the next 21 months. Said...