Britain: Out of the Black Case

Even the outward forms of British tradition got bent again last week as Chancellor of the Exchequer James Callaghan took the Labor government's annual budget to the House of Commons. Instead of the shabby red leather case, passed along from one Chancellor to another for decades, he carried in a new and ominously black one. From it he produced the most unexpected tax plans since Sir William Harcourt introduced death duties in 1894.

Bitten Bettors. With Britain struggling to defeat inflation at home, modernize its outmoded industrial plant, and raise exports so as...

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