Britain: Labor v. Labor

Pecked at by unfavorable opinion polls, the opposition Tories and even the once faithful unions, Britain's Prime Minister Harold Wilson has had nothing to crow about for a long time. Last week Chancellor of the Exchequer Roy Jenkins gave him something. Reporting on the balance of payments for the first half of the year, he announced that for the first time since 1962 Britain's income had exceeded the outgo. Said Jenkins, who scarcely seemed able to believe it himself: "We have been paying our way."

The figures do not mean that Britain's economic crisis is over. Most of the modest...

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