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BELT TIGHTENING

BRITAIN'S OUTLOOK Leaders Warn Nation Of Trials Ahead N.Z. Press Association—Copyright Rec. 1 p.m. LONDON, July 13. The British public, which is showing signs of pressing for the relaxation of controls and the speedier release of labour and materials to meet consumer needs, is being told some unpalatable home truths, says the Associated Press. The President of the Board of Trade, Mr. Oliver Lyttelton, has reminded domestic consumers that for anything beyond minimum requirements British consumers must for some time yield priority to exports. The chairman of the National Savings Committee, Sir Harold Mackintosh, has pointed out that the British cannot have a great plentitude of comforts and luxuries and also have machines, raw materials and all the other things necessary to reconstruct the country's resources. Britain's pre-war spending on capital equipment was a mere 3 per cent of its national income, compared with Russia's 25 per cent under the fiveyear plan. The verdict of, most economists is that the percentage of the next few years, if Britain is to re-establish her international trading position, must be between 15 and 20. Even agriculture will require something like £100,000,000 sterling to modernise farm equipment. Employment Problem In short, for the British consumer the belt-tightening period is far from over. It seems to be generally accepted that in the transitional period a full employment programme will not be attained. Some economists have been expressing the view that the post-war employment problem cannot be solved short of totalitarian direction of the whole economy, unless the Government embarks on a bold policy to deal with redundancies arising from the war, and also excess capacity in many industries and surplus accumulated stocks. Professor Clay, warden of Nuffield College and formerly industrial adviser to the Bank of England, is of the opinion that the task of restoring stable equilibrium between the branches of production and different areas is world-wide, and will be greater than last time; also that, unless the fundamental dislocation resulting from the war is corrected, mere expansion of Government expenditure can prevent unemployment only by inflation.

LORD LOVAT, D.5.0., M.C., who in order to attend to urgent private affairs has tendered his resignation as Joint Parliamentary UnderSecretary of State in the Foreign Office. Lord Lovat became well known as leader of commando raids on Dieppe and elsewhere during the war against Germany.

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Permanent link to this item

http://paperspast.natlib.govt.nz/newspapers/AS19450714.2.35

Bibliographic details

BELT TIGHTENING, Auckland Star, Volume LXXVI, Issue 165, 14 July 1945

Word Count
391

BELT TIGHTENING Auckland Star, Volume LXXVI, Issue 165, 14 July 1945

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