Pale spring sunshine glowed on the House of Commons' oak paneling last week as Chancellor of the Exchequer Roy Jenkins rose to start the annual spring rite of Budget Day. It was a twitchy moment for the British, who look to the budget for both a review of past economic performance and word of the government's future policies. In too many years since World War II, the budget has brought higher taxes, tighter credit and myriad other measures designed to solve Britain's chronic balance of payments problem. This time Jenkins offered much...
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