Britain's rich and poor, taxpayers alike, waited nervously last week, hoping for the best, fearing the worst. Chancellor of the Exchequer Selwyn Lloyd was headed for the House of Commons to deliver his first budget speech. For weeks the government had been grumbling about the growing inflation. That seemed to suggest only one thing: another round of income tax increases.
But when he opened the traditional scuffed dispatch case and began to read his speech, the chancellor had a pleasant surprise for most Britons. For the great majority, income tax would remain the same, and for one important group—the successful executives and...
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