In a historic reversal of party policy, Prime Minister Harold Wilson's Labor government last week conceded that ambitious social-welfare programs were crippling Britain's economy and announced plans for vast cuts in public spending. Setting forth a four-year economic plan in a 149-page White Paper, Chancellor of the Exchequer Denis Healey proposed a $3.6 billion cut in public spending for 1977-78 and a further $6 billion cut for 1978-79a reduction of 12% on original plans.
Healey had probably gone about as far as any Labor Chancellor could ever be expected to go. Nonetheless, the...
To continue reading:
or
Log-In
