ECONOMY OF BRITAIN

Press, Volume LXXXV, Issue 25934, 14 October 1949, Page 7

ECONOMY OF BRITAIN

EARLY DECISIONS ON REMEDIES URGED

“ PROSPECTS IMPERILLED BY UNCERTAINTY” (Rec. 9 p.m.) LONDON, October 13. "There is abundant evidence that the nation’s prospects are being imperilled by uncertainty about the Government's economic policy,” says "The Times” in a leading article. “If Mr Attlee decides to carry the responsibilities of office into next year, the only conceivable justification can be the announcement now of a programme of remedies, however sharp and however disagreeable. "Without such a programme, the time of waiting will be intolerable and ruinous. It must frankly be said that if the Ministers cannot make up their minds now on what must be done, the electors should be asked to choose for themselves as soon as possible; but if they decide to work out their elected term, they must give unmistakcable proof, within days or even hours, that they are willing and able to take the steps demanded to save the country from ruin.’’ Banker’s Opinion Saying that one effect of sterling devaluation would be to increase the demand for British goods in other sterling area countries. Sir Jeremy Raisman. vice-chairman of Lloyds Bank, in a speech to the Overseas League, urged that an immediate and systematic attempt should be made to solve the problem of accumulated sterling balances held in London on behalf of the other members of the Commonwealth and the sterling area. As most of these other countries had devalued their currencies at the same time as Britain, it followed that they would find it even more difficult than hitherto to obtain dollar goods, and would conseouentlv fall back upon sterling supplies. Sir Jeremy Raisman continued. A sharing of the burden of sterling balances would provide an enormous financial relief for the United Kingdom. "Empire Policy” Advocated Lord Lyle, president of Messrs Tate and Lvle, Ltd., sugar refiners, said in a speech that Britain must "return to the idea cf a united Empire policy.” and convene an Empire conference at once. “This should have been done immediately after the war. which we fought and won as an Empire.” Lord Lyle continued. “In the peace, we have floundered as individual units. We must find new markets. We cannot merely hope to capture the American market and European markets. They are also nations which produce.” There was a possibility of an expansion of productive energy and wealth in the Empire which in time would solve many of the pressing problems of Europe and the world, added Lord Lyle.