Great Britain · Government / Labour Party Government. Chronological records rendered directly from the World History Database.
Brown was told that the budget deficit for the coming year was forecast at pounds 800 million, double what the Labour Party had predicted as the worst possible figure before the election, leading economic ministers were presented with three options, including devaluation of the pound sterling, to meet the crisis, they decide on a temporary surcharge on imported goods
Says devaluation of the pound is unnecessary
Pompidous policy to devalue puts pressure on Callaghan to propose devaluation
After the 1966 general election at which Labour won re-election with a Parliamentary majority of 96, the Government was hit by a severe financial crisis the question of devaluation is raised again, with Brown now strongly supporting it, but Harold Wilson was firmly opposed, preferring a set of deflationary measures including spending cuts and interest rate rises, Brown believed that these measures would damage the economy
Produces a paper recommending devaluation & forwards it to Tony Benn
Describes devaluation as an "economic & political catastrophe"
Announces the devaluation of sterling, "the unhappiest day of my life"
The pound is devalued by 14 percent from $2.80 to $2.40
The pound sterling is devalued by 14 percent from $2.80 to $2.40
The official exchange rate is reduced from 2.80 dollars to 2.40 dollars for one pound sterling.
After devaluation, Wilson and Healey announce carrier cuts and withdrawals from bases east of Suez.
Sterling devaluation increases pressure on Healey to secure stricter wage restraint.
The pound falls to $1.68.
The pound falls to $1.67.
The pound falls to $1.59.
The pound falls to $1.57.
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