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Britain trims spending and raises taxes to stave off crisis
Britain’s Labor government cut public spending by 4.2 billion dollars over two years and raised taxes to meet IMF loan conditions. Denial of immediate relief and a weak market reaction followed as the pound fell and stock prices slipped. Leaders warned the move is long-term, with tax hikes on tobacco and drinks to start January 1.
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London
Britain
London Stock Exchange
Denis Healey
House of Commons
Healey
House
International
United States
West Germany
Orous
London Foreign Exchange
Stock Exchange
Financial Times
IMF