' The strategy offers hope of real success. It is a strategy for the defeat of inflation by the reestablishment of monetary control. It is a strategy for the restoration of prosperity by the encouragement of enterprise.' (SIR GEOFFREY HOWE ,
Budget Day, 1980)
Twelve months later inflation is falling, but a million more people have lost their jobs. British industry is in the deepest recession since the 1930s. The Government s hopes for recovery rest upon its borrowing and monetary targets. What can the Chancellor do to help achieve those targets and combat the decline in jobs and output?
David Dimbleby introduces live coverage of Sir Geoffrey Howe s third Budget. The key elements in the speech come direct from the House of Commons, with studio analysis from economist
Peter Oppenheimer and chartered accountant Philip Hardman. TUC General Secretary, The Rt Hon
Lionel Murray , and Alan Lord ,
Managing Director of Dunlop and Chairman of the CBI Taxation Committee, give their reaction to the Chancellor's proposals.
From Westminster leading politicians talk to Robin Day...
At the Stock Exchange, Brian Widlake assesses the Citys reaction.
In Consett, County Durham, where unemployment is now 30 per cent,
Nicholas Woolley asks local people what they think of the Budget.
From the Roving Eye, the BBC's mobile camera on the streets of London, Bill Kerr Elliott reports on the reaction of ordinary tax-payers.
Research CHARLES FURNEAUX Director VICTOR MELLENEY Producer RICHARD TAIT Executive producer DAVID DICKINSON
Editor HUGH WILLIAMS 4