BRITAIN: Not Soaked, but Damp

Britain's Tories were understandably apprehensive. For one thing, bushy-browed Denis Healey, the new Chancellor of the Exchequer, had warned that when Labor came to power there would be "howls of anguish from the rich" and that he would squeeze them "until the pips squeak." For another, shortly before Healey brought his first budget to the House of Commons in the traditional red leather dispatch box bearing the monogram VR (for Victoria Regina), it was announced that under Conservative leadership the nation had suffered the worst monthly trade deficit in its history —$1.02 billion in February.

Not surprisingly, as the Commons...

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