The Countdown to Devaluation

  • Alec Cairncross
Part of the St Antony’s Series book series


The starting-point was a change of sentiment after the announcement by the Prime Minister on 2 May that the United Kingdom would apply formally to join the Common Market. Such an application had been in the air since November 1966, when the intention to engage in renewed discussions with the EEC was made public. Although no official estimates of the balance of payments cost of joining the Community had been issued, it was known that it was likely to be substantial, and there was also a natural suspicion that, in view of this, Britain ’s entry might be made the occasion for a devaluation of the pound. Ironically enough, devaluation preceded by a week or so, not Britain ’s entry to the Common Market, but General de Gaulle ’s second veto.


Prime Minister European Central Bank Suez Canal Income Policy Forward Contract 
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Notes to Chapter 10: The Countdown to Devaluation

  1. J. Callaghan, Time and Chance (London: Collins, 1987) pp. 218–19.Google Scholar
  2. H. Wilson, The Labour Government, 1964–1970: A Personal Record (London: Weidenfeld & Nicolson and Michael Joseph, 1971) p. 456.Google Scholar

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© Sir Alec Cairncross 1996

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  • Alec Cairncross

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