• Short Summary

    The British Government is believed moving towards producing its own solution for Britain's inflationary crisis as meetings broke down between Government, industry, and labour representatives Thursday night (2 Nov.).

  • Description

    The British Government is believed moving towards producing its own solution for Britain's inflationary crisis as meetings broke down between Government, industry, and labour representatives Thursday night (2 Nov.).

    Prime Minster Edward Heath presided over a special cabinet meeting Friday morning (3 November) after the collapse of the four-month search for a voluntary formula.

    There is speculation that a wage and price freeze is bound to come -- and that it would arouse angry reaction in trade union circles.

    A check on wage increases, imposed by law, would be strongly resisted by the nearly three-million British workers whose pay demands have been held up during the government's marathon anti-inflation negotiation with industry chiefs and trade unions.

    Opposition leader Harold Wilson has said that his Labour Party would like to see a voluntary agreement, but that statutory controls would be acceptable only if the Government could "produce a fair and workable scheme." But, he added, if such a scheme were possible it would have been brought forward before the collapse of the three-party negotiations.

    Friday's three hour cabinet meeting resulted in some decision, but what that is will not be known until Monday (6 November) when Prime Minister Heath tells the House of Commons what he intends to do now that the negotiations have failed.

    A transcript of Harold Wilson's comments, and those of the Minister of Trade and Industry John Davis, follow:

  • Tags

  • Data

    Film ID:
    VLVAE4K22QYSCE7XIXPXK84R8ABL2
    Media URN:
    VLVAE4K22QYSCE7XIXPXK84R8ABL2
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    03/11/1972
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:02:00:00
    Time in/Out:
    /
    Canister:
    N/A

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