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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.
After the 1967 sterling devaluation increased demand for a higher denomination notes than £10, the Series D £20 note was introduced on 9 July 1970. The note was predominantly purple and featuring a statue of William Shakespeare and the balcony scene from Romeo and Juliet on its reverse.
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
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.
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.
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 sterling devaluation; B. The Beatles in Bangor; C. Chitty Bang Bang (airship) Cogwheel Report; D. D-notice affair; K. 1967–68 Kangaroo tour of Great Britain ...