Britain: Man for All Sacrifices

When James Callaghan rose in the House of Commons two weeks ago after announcing that Britain had devalued the pound, a Tory frontbencher shouted: "The Chancellor is an honor able man. Will he resign?" Last week Callaghan resigned as Chancellor of the Exchequer. Harold Wilson moved him over to the Home Office and replaced him at the Treasury with Home Secretary Roy Jenkins, 48, a tough but suave economist who may be one of the few Laborites to gain from the par ty's recent embarrassments — provided that he can help extricate Britain from its present economic morass.

Callaghan, 55, was...

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