GREAT BRITAIN: Suspended, but Not Ended

Thirty months after Marshall aid began, Chancellor of the Exchequer Hugh Gaitskell last week had an announcement for the House of Commons: Britain could go it alone; Marshall Plan aid would be suspended Jan. 1, 18 months ahead of schedule. "Now we can begin to walk proudly again," said an M.P.

The $2.7 billion in dollar aid had bought Britain time to work out a way of living within its income—austerely. British production had increased about 40% over 1946; the rate of dollar-spending in the first quarter of 1950 had been cut 25% from the first Marshall Plan year. Currently,...

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!