A Calculated Dose of Expansion

A Calculated Dose of Expansion ECONOMIC OBSERVERS in Britain are expecting a further small reduction in the Bank Rate in the near future following encouraging progress made in the long job of putting the country back on its financial feet. The last reduction in the Bank Rate two months ago followed a special meeting called by the chancellor of the Exchequer, James Callaghan, of European finance ministers with the professed aim of co-operating to reduce the high level of interest rates around the world. A few days later Britain, partly as a gesture and partly as a technical adjustment to European rates which had already been slightly lowered, reduced her Bank Rate from the "crisis'' level of 7 per cent to 6