Letters released under the 30-year rule reveal he also faced opposition from his deputy, George Brown. When Labour, led by Harold Wilson, took office in October 1964, it was immediately faced with a deficit of £800 million, which contributed to a series of sterling crises. It had come to power in 1964 committed to the modernisation of Britain to … In 1967 the Labour Prime Minister, Harold Wilson, and his Chancellor of the Exchequer, James Callaghan, devalued the currency again, this time by 14.3 per cent. The Sterling Devaluation of 1967, the International Economy and Post-War Social Democracy* The Labour government of Harold Wilson devalued sterling from £1 = $2.80 to £1 = $2.40 on 18 November 1967. Here is a note about what devaluation of the pound is. H. Parr, ‘Gone Native: The Foreign Office and Harold Wilson’s Policy towards the EEC, 1964–67’, in O. J. Daddow (ed. ), Harold Wilson and European Integration: Britain’s Second Application to Join the EEC (London, 2003), p. 82. He and Gladstone the most intelligent British Prime Ministers. Sterling crisis 1967: ‘Harold Wilson was widely mocked for saying that the pound in your pocket has not been devalued.’ Photograph: Keystone/Getty Images Wilson was terrified of Devaluation, so much so that even his closest advisors were not allowed to discuss it, it was 'the unmentionable'. The 1967 devaluation of the pound. It had come to power in 1964 committed to the modernisation of Britain to …

Photograph: Keystone/Getty Images Here is a note about what devaluation of the pound is. These problems culminated in the devaluation of the pound under the Harold Wilson government in 1967.

“Pound in your pocket” devaluation: 50 years on ... the Government announced that the pound would be devalued by 14%. The Labour premier then made the near-fatal gaffe of falsely claiming the 14.3% reduction in Sterling’s worth would not diminish the “pound …

The 14 per cent devaluation of the pound in November 1967 by then prime minister, Harold Wilson, was an admission of national failure that we might find hard to … The assurance ‘that the pound here in Britain, in your pocket or purse or in your bank’ had not been devalued, rests upon a ‘fixed price’ assumption invoked by John Maynard Keynes for the 1930s. On this day in 1967, Harold Wilson went on television to reassure viewers that the “pound in the pocket” would be unaffected by the devaluation of sterling. In a broadcast to the nation the following day, Wilson said, "Devaluation does not mean that the value of the pound in the pocket in the hands of the … British housewife … is cut correspondingly. Pound devaluation: how the lessons of 1967 apply today. Hoping to cut the trade deficit by making imports dearer and exports cheaper, the Labour prime minister claimed that the "Pound in your pocket" hadn't been devalued, only its international exchange rate. Devaluation was avoided by a combination of tariffs and raising $3bn from foreign central banks. Home > Cabinet Office 100 > The 1967 devaluation of the pound. View full image. ‘Faith, hope and parity’ On Saturday, 18 November 1967, sterling was devalued by 14% from $2.80 to $2.40. The 1967 sterling devaluation opened the final act of the Keynesian epoch.

Devaluation could be seen to be unavoidable, as although Wilson tried his best to avoid it, by November 1967 there was little other option by to devalue the parity of the pound. His decision was fiercely criticised during debates on devaluation in the Commons and Lords. THIS WEEKEND will mark 50 years since Harold Wilson’s infamous devaluation of Sterling, writes Adrian Ash at BullionVault. By 1972 Britain's position in the world monetary system had substantially changed.

Hoping to cut the trade deficit by making imports dearer and exports cheaper, the Labour prime minister claimed that the “Pound in your pocket” hadn’t been devalued, only its international exchange rate. Harold Wilson 100: Keeping Britain out of Vietnam War was Harold Wilson's greatest achievement ... “Harold was extraordinarily intelligent. After failing to secure a bail-out from the Americans or the French, a devaluation from US$2.80 to US$2.40 took effect on 18 November 1967. THIS WEEKEND will mark 50 years since Harold Wilson's infamous devaluation of Sterling, writes Adrian Ash at BullionVault.

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