BRITAIN: A Two-Nations Budget?

After taking office last June, Tory Prime Minister Edward Heath promised to launch a "revolution so quiet and yet so total" that it would turn Britain once more into a competitive economic power. By easing the oppressive burden of taxation, he hoped to restore incentive to executives and galvanize workers out of the "I'm all right, Jack" mentality that has hobbled productivity for decades. Though he could hardly dismantle the Labor-built welfare state, he did begin to pare some of the benefits and increase the cost of social services.

Last week the...

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