Abstract
On 9 April 1976, the then Chancellor of the Exchequer, Denis Healey, authorised the Treasury to issue a statement declaring that there was ‘no economic justification’ for the sharp fall in the value of sterling in the previous days, which had taken the rate down from $2.02 in February to around $1.82. It was almost without precedent for the Treasury to make such a statement; but once the government had been committed to the view that the fall in the exchange rate was excessive, they had little option but to agree that the reserves should be used to prevent it falling any further. What evidence was available at the time about the competitiveness of the British economy?
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Notes and References
R. W. Green, ‘Commonwealth Preference: UK Customs Duties and Tariff Preferences on Imports from the Preference Area’, Board of Trade Journal Resolution: Global (31 December 1965).
R. A. Allen and R. N. Brown, ‘The Terms of Trade’, Bank of England Quarterly Bulletin Resolution: Global (September 1978).
Copyright information
© 1981 Bryan Gould, John Mills and Shaun Stewart
About this chapter
Cite this chapter
Gould, B., Mills, J., Stewart, S. (1981). Measuring International Competitiveness. In: Monetarism or Prosperity?. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-16510-0_5
Download citation
DOI: https://doi.org/10.1007/978-1-349-16510-0_5
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-0-333-31973-4
Online ISBN: 978-1-349-16510-0
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)