by the money men in the last two weeks.
House of Commons, Healey said that 'no borrowing is involved'. The credits would be drawn 'only if needed'. Try telling that to your bank manager next time you ask for an overdraft facility! The loan is unconditional' for three months and may be extended for a further three. After that the International Monetary Fund will step in and demand is to implement its cash limits on public spending.
inflation rate between 1975-76 and 1976-77. But the rate of inflation where social service spending is not 'inflation-proofed' Lord Watkinson, head of the CBI, described the outcome as "very satis announced until after the special TUC on 16 June.
Aircraft and Shipbuilding Industries Bill, which would nationalise these industries. It may well have been shelved indefinitely.
Scandalous combat the Government's retreat.
NOT ONE of them even suggested that the only way to enforce paign in the yards demanding nationalisation.
be taken over. Yet even the Guardian has managed to unearth evidence ment on the pound. that the new Labour Party programme which calls for more public spending is 'for the '80s'.
time. Just before the general election of February 1974 a member of the present Labour Government addressed a public meeting in Dover. The Tories were destroying the welfare state. Public spending had to be defended and extended. And where would the money come from? The speaker answered: "We'll squeeze the money men until their pips squeak'. That speaker was It is his and the Labour Government's pips that have been squeezed •In introducing the £5.3 billion loan from the central banks to the 'sound financial policies' and a declaration of intent from the Government.
• Prime Minister Callaghan rejected demands for an early round of further public spending cuts. But $400 million of the f875m contingency reserve for public spending has been spent in the first month of the financ ial year (April), and all the Government has to do to enforce further cuts Public spending limits were fixed on the projection of a 10 per cent at the end of this year now seems certain to be still around 15-16 per cent Higher inflation is a back-door method of implementing cuts in a situation • The Price Code embodying the price controls which are supposedly one of the conditions on which the TUC accepted the Healey pay deal - has been virtually ditched. Last week, Prices Secretary Shirley Williams caved in completely to the Confederation of British Industry and agreed to changes in the Code next month which will allow a substantial increase in profits.
factory' — although this 'very satisfactory' outcome will not of course be • Despite its paper victory over a Tory vote of censure in the House of Commons, the Government has given no date for the reintroduction of the But if the Labour Government's performance is pathetic, that of the 'lefts' is downright scandalous. After lurching about the Commons singing the Red Flag and trading insults with the Tories after winning a division on the Aircraft and Shipbuilding Industries Bill, they have done nothing to nationalisation in the workers' interests would be to organise a mass camNOT ONE - when Healey presented as a victory the fact that he'd got a £5.3 bn. overdraft from the international bankers - actually demanded that the trade unions themselves organise a workers enquiry into the care. fully engineered run on the pound, and that the banks and money markets that the British Steel Corporation, a natiohalised industry, has been selling sterling in direct contradiction to every statement made by the GovernNOT ONE has even started to campaign against Callaghan's statement There is no doubt that a further wave of public spending cuts is on the way when the international bankers' loan cannot be paid back in six months