Show britons to economize I 1 industrial group urges lower taxes LONDON the federation ot of british industries asserted the only way lor for britain to pull out of its economic nosedive no is to lower its standard of living the no federation said the labor governments spending on social welfare schemes must be curtailed one ona of these thesa schemes Is the costly national health service in a statement the federation also called for lower taxes fewer government controls and hard harder er work to produce more willio without lit rising prices it added that labor party plans for nationalizing more basic indus tries such as iron and steel aro are distracting the tha nat nations lons producers at a time when business i lems demand their closest attention the federation represents owners of british industries it corresponds roughly to americas national association of manufacturers its statement said there can be no escape from tho the hard logic that our standards of living including social services must be cut according to the cloth we can from now on make the vast and menacing increase in state expenditure constitutes the basic inflationary influence in our whole econom economy it Is this why which h bears most heavily upon production costs and Is otie one of the most serious handicaps to the tha future of british trade trad a and to the tha living standards itan dards of our people |