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The Budget, Gold and the Incomes Policy
“This year’s budget was the most severe and deflationary of any since the end of the last war. Altogether, it withdrew nearly £1,000 million of spending power from the economy—an unprecedented amount. The devaluation of last November, the January cuts in Government spending, and the budget in March . . .” read more
The January Cuts
“On January 16th the government announced a series of cuts in public spending—mainly in the social services and in defence. These cuts followed on logically from the devaluation of last November. The package was a mixed one, made up of a number of large items and some small . . .” read more