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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.
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.
Thus, the London Gold Pool came under increased pressures of failure, causing France to announce in June 1967 a withdrawal from the agreements [9] and moving large amounts of gold from New York to Paris. [4] The 1967 devaluation of the British currency, followed by another run on gold and an attack on the pound sterling, was one of the final ...
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
A Land Commission set up in 1967 with powers to acquire land and collect a Betterment Levy (which was initially 40% of development value). [163] The Administration of Justice Act 1970 introduced (amongst other measures) a new Family Division of the High Court. [ 36 ]
Following Harold Wilson's devaluation of sterling in November 1967, the British Honduran dollar again devalued in sympathy with the British pound to 60 US cents. In 1978, the link to the British pound of BZ$4 = £1 was abandoned and once again the Belize unit was pegged to the US dollar at a fixed rate of BZ$2 = US$1 .