U.K.: “All pull together”

Press, 13 July 1976, Page 8

U.K.: “All pull together”

NSPA-Reuter London British industry, labour and the Government have jointly pledged themselves to work for a sustained economic recovery. After an all-day meeting between Ministers, top industrialists, and trade union leaders, the Prime Minister (Mr Callaghan) said the country now had its best chance for 30 years of a solid rise in living standards and sustained growth. The meeting was called tc evaluate the first fruits of a strategy for recovery evolved late last year which laid heavy exphasis on boosting investment in key industries. The Heads of Government, industry, and organised labour met at the National Economic Development Council to hear reports of 39 working parties. Later the Prime Minister spoke at a press conference of “a change in atmosphere and the great sense of realism which pervades the whole country.” Lord Watkinson, head of the Confederation of British Industry, flanking the Prime Minister, said: “We are going to concentrate on making the mixed economywork.”

The Communist “Morning Star" newspaper called it the cementing of “a coalition between the Government, big business, and Trades Union Congress lead ers” and said they had reached “an unprecedented measure of agreement.” Britain’s economy has shown clear signs recently of participating in th- world trade recovery, although unemployment is still well over one million or 5 per cent of the work-force.

The pound which jus over a month ago nearb reached the SUSI.7O mark has now climbed back ove the SUSI.BO level.

An estimate by the Britis! Treasury said North Sea o: was likely to help the cut rent account of the balarn of payments by as much a 3 per cent by 1980 and 5 pc cent by 1985.