Britain: Watching the Action

Britain wears a deceptive look of prosperity. Cash registers are ringing merrily in the nation of shopkeepers, and consumer credit is on the rise. Less than 2% of the work force is unemployed. Construction is booming.

Though overall industrial production has been bobbing along a plateau, steel output is heading for a record 26 million tons this year, and auto production will rise almost 25%. But there is one dangerous, debilitating weakness. It is axiomatic that Britain must trade to live—and this year, as in many recent years, the country is living beyond its means in world markets.

Double Tariffs. Imports...

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