BRITAIN: Spring Sunshine

Labor's one-beer tax cut

Before going to the House of Commons to deliver his 13th budget message last week, Chancellor of the Exchequer Denis Healey, strolling in London's St. James's Park, stopped to pat an April snowman on the head. "I think I shall produce a little sunshine to brighten up the spring of our recovery," he declared. "It's a bit cold, but summer is on the way."

Next day it became clear that Healey's budget had not produced as much sunshine as Britons would like. The St. James's snow had melted all right, but the stock market plummeted, the recently resuscitated...

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