GREAT BRITAIN: Crying Disaster

The Tory government of Prime Minister Sir Anthony Eden has never brought itself to deal with Britain's hectic inflationary boom as sternly as its danger demanded. Gratified by the boom, relieved to be free of austerity, taking credit for the prosperity, the Tories have hesitated to air their anxieties too loudly. "This is the government that whispered 'Wolf!'" said one London wit. But last week, in the midst of London's gayest and most expensive social season since the war, Chancellor of the Exchequer Harold Macmillan cried it aloud.

Wages had jumped more...