Harold Wilson calls it redeployment of the labor force. Most Britons refer to it as redundancy. Whatever its euphemism, Wilson's tough plan to force British industries to modernize or die is beginning to be felt. The Labor Ministry announced last week that unemployment had risen 28.5%to 437,229since the middle of September.
Since unemployment is practically nonexistent in Britain, the rise was hardly catastrophic: less than 2% of the labor force is out of work. But it seemed to bear out the predictions of Wilson's most pessimistic critics that his deflation measures would lead to a major recession in which as many...
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