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The 1967 sterling devaluation (or 1967 sterling crisis) was a devaluation of sterling from $2.80 to $2.40 per pound on 18 November 1967. It ended a long sterling crisis that had started in 1964 with the election of Labour in the 1964 general election, [1] but originated in the balance of payments crises of the preceding Conservative government.
The Bank of England, which is now the central bank of the United Kingdom, British Crown Dependencies and British Overseas Territories, has issued banknotes since 1694. In 1921 the Bank of England gained a legal monopoly on the issue of banknotes in England and Wales, a process that started with the Bank Charter Act 1844, when the ability of other banks to issue notes was restricted.
After a brief period in which the deflationary measures relieved sterling, pressure mounted again in 1967 as a consequence of the Six-Day War, the Arab oil embargo and a dock strike. [17] 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.
Sterling crisis may refer to: 1931 sterling crisis, emergency measures during the Great Depression; 1949 sterling crisis, devaluation; 1967 sterling crisis, devaluation; 1976 sterling crisis, IMF loan; 1992 sterling crisis ("Black Wednesday"), depreciation
Leonard James Callaghan, Baron Callaghan of Cardiff (/ ˈ k æ l ə h æ n / ⓘ KAL-ə-han; 27 March 1912 – 26 March 2005), commonly known as Jim Callaghan, was a British statesman [1] and Labour politician who served as Prime Minister of the United Kingdom from 1976 to 1979 and Leader of the Labour Party from 1976 to 1980.
The UK government devalued the pound sterling in November 1967 from £1 = $2.80 to £1 = $2.40. This was not welcomed in many parts of the sterling area, and, unlike in the 1949 devaluation, many sterling area countries did not devalue their currencies at the same time. This was the beginning of the end for the sterling area.
1967 Grand National won by 100-1 outsider Foinavon. " Puppet on a String ", performed barefoot by Sandie Shaw (music and lyrics by Bill Martin and Phil Coulter ), won the Eurovision Song Contest 1967 for the UK in Vienna, becoming the first English-language song to win the contest.
1967 Illinois elections (1 P) S. 1967 in sports in Illinois (15 P) Pages in category "1967 in Illinois" The following 6 pages are in this category, out of 6 total.