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A Strategy for the Pound?

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

Abstract

If there was to be no devaluation and little or no deflation, how was the deficit in the balance of payments to be got rid of? How were the external debts that were mounting up ever to be repaid? It was not possible to count on the continuation of the surcharge for more than a year or two and there was a limit to what should or could be borrowed abroad. A long-term foreign loan received scant consideration. Instead a whole series of measures was taken to improve the balance of payments directly or to make British industry more competitive and narrow the gap between imports and exports. These measures were spread over several years, many of them during the exchange crises in July 1965 and July 1966, without any effort to frame a comprehensive programme and assess its adequacy.

Keywords

Current Account Foreign Exchange Spot Market External Debt Military Expenditure 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Notes to Chapter 6: A Strategy for the Pound?

  1. S. Howson and D. Winch, The Economic Advisory Council, 1930–1939 p. 89 (Cambridge: Cambridge University Press, 1977) p. 89.Google Scholar

Copyright information

© Sir Alec Cairncross 1996

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  • Alec Cairncross

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