Great Britain: Freeze & Squeeze

Prime Minister Harold Wilson has twice led the Labor Party to victory at the polls with promises not to engage in the type of "stop-go" economic policies that he accused the Conservatives of using in their economic crises. Yet last week he held up the biggest stop sign of all. In an effort to bolster the sagging pound, Wilson called for a freeze on all wages, prices and dividends in Britain as well as new taxes to squeeze inflation out of the economy.

All spring long, signs of economic troubles had been piling up. Britain's trade gap had continued to widen—by...

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