Action Delayed

The final justification sometimes given for the failure of the Budget to tackle present problems is that the Government is going to over-come the basic disequilibrum over a longer period, and in the mean-time it will borrow abroad. This' attitude has much to recommend it, but it does not justify the failure to begin to take action. The longer this is delayed, the greater will be the maladjustments that will have to be corrected within the economy. Moreover, we cannot expect overseas lenders to bail us out indefinitely, and, as such, the longer it is before corrective measures are started, the more likely it is that time will run out and drastic corrective action becomes inevitable.