Magazine content is available exclusively for TIME subscribers.Foreign News: Releasing the Brakes
The British taxpayer got good news last week. Last year Chancellor of the Exchequer Derick Heathcoat Amory put through such a severe anti-inflation budget that he now had a large cash surplus. So this year he was able to put an extra billion or more into the hands of spenders and investors. Items :
¶Income taxes will be reduced for the first time since 1955. For Britons, among the world's most heavily taxed people, the rate goes down from a basic 42 1/2% to 38 3/4% <J
¶Indirect taxes were slashed on a wide range of items. Most spectacular was a cut of...
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