A History of the U.K. Balance of Payments

Abstract

Although the primary purpose of this chapter is to describe the balance-of-payments experience of the United Kingdom since 1950, it will be helpful as an introduction to place the experience in historical perspective, relying heavily on the statistical tables compiled by Mitchell and Deane (1962). Starting from 1854, data will be given on imports, exports, the balance of trade, the over-all balance on current account, indices of the volume of imports and exports, and the terms of trade. Throughout the chapter emphasis will be given to discussion of the statistics rather than to events and policies, and the focus will be on the real sector of the balance-of-payments accounts rather than on international monetary developments. The chapter has two appendices which illustrate that my scepticism of currency depreciation is of quite long standing.