GREAT BRITAIN: Election Budget

Budget Day is a solemn, expectant occasion in the House of Commons. At 3:35 p.m., Chancellor of the Exchequer Richard A. ("Rab") Butler stepped up to the dispatch box and opened the battered, red leather case in which every British Chancellor since Gladstone has carried the British budget. He was greeted with Tory cheers, for with a general election a month away (May 26), they had hopes of good electioneering news.

Then everyone sat back for the dull part. Reason: London's Stock Exchange does not close until 4:30 p.m., and no Chancellor tips...

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