BRITAIN: Running Out of Sea Room

"We're like a destroyer heading full-steam towards the shore," said a close associate of Conservative Prime Minister Edward Heath last week. "There's only so much sea room, and it's running out fast." Winter usually brings snarls to otherwise stiff British upper lips, but there is a mood of discontent and even despair in Britain today that is unlikely to disappear, as it normally does, with the first daffodils.

The stock market is at its lowest level in four years, and some stockbrokers are speaking of the prospect of a "horrible slide." Unemployment is the worst in 31 years, with 721,000...

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