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Salient. An Organ of Student Opinion at Victoria College, Wellington N.Z. Vol. 10, No. 2. March 19, 1947

Britain's Economic Crisis

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Britain's Economic Crisis

There are snowfields at the bottom of our garden. Though the sun shines bright there seems to be no immediate prospect of lessening the cold. The crisis, now in its third week, is the dominant problem for all, in our daily lives and in long term future prospects. Britain is fighting against economic catastrophe. The position is perfectly clear. The question is, what steps to take.

The Conservatives and liberals are not very helpful. The first reaction of their Press and Party was a blind punch at Mr. Shinwell, the responsible minister. This was accompanied by howls about the horrors of socialization and appeals to loosen controls. Such talk, although perhaps satisfying conventional Tory political theory, was convincing to neither audience nor speaker, and the Government wisely refused to be drawn. No scapegoat has been sacrificed; Mr. Shinwell, despite ferocious letters to the "Evening: Standard," still has the support of the miners, who remember that he achieved the socialization promised them more than a quarter century ago. He has made some serious mistakes, apparently ignoring the warnings of well informed authorities and lulling the public into a sense of false security by contradictory statements, but he seems more unlucky than sinful. He gambled with the weather, much as Montgomery gambled at Arnhem, and was defeated by the worst winter in 50 years.

The appeal by the Government received a heartening response, both from coal and transport workers, who have broken all records under frightful conditions, and from consumers, whose combined savings of power have effectively lightened the load. In spite of the gradual falling off in public response after the initial days, the situation now seems to be in hand and we need not expect any more drastic cuts this winter. Yet the immediate crisis is symptomatic of the general crisis of British economy, and on this the Government has taken some steps, publishing a White Paper and agreeing to the importation of foreign labour.