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...Callaghan has plenty to fight back with. Last week the Prime Minister reaped a substantial political bonanza with some favorable economic news. Britain's mine workers agreed to go along with the government's 10% limit on wage increases; the pound, already surging, rose another half a cent; and key Labor economists projected a drop in the inflation rate (13% in November) to 7% by July. One pollster believes that the party may also pick up a large block of new votes in the next election from the traditionally apolitical Asian immigrants. His prediction: "They are going...

Author: /time Magazine | Title: BRITAIN: Mrs. Thatcher's Bold Gamble | 2/20/1978 | See Source »

...uninitiated, a gnome stands a half-foot high, and weighs two-thirds of a pound. He is a nocturnal person who wears a long, pointed cap on his head at all times. Gnomes mostly inhabit Europe, Siberia, and North America, and a few have even been sighted in the Harvard College Government Department. They are most assuredly not to be confused with trolls, dwarves, elves, goblins, gremlins or wood nymphs...

Author: By Eric B. Fried, | Title: To Gnome is to Love 'Em | 2/15/1978 | See Source »

...Pound Ridge...

Author: /time Magazine | Title: Letters, Feb. 13, 1978 | 2/13/1978 | See Source »

...statues that guard the front of the New York Public Library. The Emerald City is the World Trade Center, and Director Sidney Lumet has staged extravagant dances at the towers' base. The sunken plaza was covered over with Plexiglas, and 300 dancers, lit by spotlights from below, pound away on top. Lumet wanted to turn the Brooklyn Bridge into the Yellow Brick Road by putting down 25 miles of yellow vinyl. The New York police gave him a firm no, however, and he settled for paving a footbridge over the East River...

Author: /time Magazine | Title: Show Business: The Yellow Brick Road to Profit | 1/23/1978 | See Source »

Freed from worries about the pound and payments deficits, the government can now turn to correcting the long-term economic neglect that has made Britain the industrial world's basket case. Since November, the Labor Cabinet has been debating five main options for using the North Sea revenues: 1) accelerate repayment of the country's $24 billion in accumulated long-term foreign debts (an unlikely choice), 2) develop alternative sources of energy against the day when North Sea oil runs out, 3) expand public services in order to reduce unemployment, which last month declined only slightly from its autumn-long...

Author: /time Magazine | Title: Business: Time to Be Bullish on Britain? | 1/2/1978 | See Source »

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