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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.
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
The 1976 sterling crisis was a currency crisis in the United Kingdom. Inflation (at close to 25% in 1975, causing high bond yields and borrowing costs), a balance-of-payments deficit, a public-spending deficit , and the 1973 oil crisis were contributors.
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.
1976 sterling crisis; ... In 1967, Wilson's government decided to spend £16 million, mainly in "Educational Priority Areas", over the next two years.
1949 sterling devaluation; 1967 sterling devaluation; 1976 sterling crisis; 2008 United Kingdom bank rescue package; 2009 Pre-Budget Report;
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 triggers for the collapse of the pooling arrangements. By spring 1968, "the international financial system was moving toward a crisis more dangerous than any since 1931." [10]
Lucius Perronet Thompson-McCausland (12 December 1904 – 16 February 1984) [1] was a British economist who took part in the Bretton Woods conference and was a Treasury advisor during the sterling crisis in the 1960s. Thompson was the son of Sir John Thompson and his wife Ada Tyrrell. His father was Chief Commissioner of Delhi between 1928 and ...