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 ones which seemed to be in the best candle-end tradition of the Treasury. But there can be no doubt that it was part of a new attempt at finding a coherent economic policy—something that has so far eluded the Labour Government. For since it came to power in 1964, although it may have had a strategy, it has been incapable of implementing policies which could permit that strategy to be put into practice with any success.
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