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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. [1]
Date Book Author January 1: The Secret of Santa Vittoria: Robert Crichton: January 8 January 15 January 22 January 29 February 5 February 12 February 19
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.
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
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.
This list may not reflect recent changes. 1967 in the United Kingdom; 1967 in Wales * 1967 in Northern Ireland; 0–9. 1967 sterling devaluation; B. The Beatles in ...
Aside from being a pain and total distraction to the reader, major typos can actually result in major costs for the book manufacturers if the book is a bestseller or an all-time classic.
James Callaghan, the Chancellor of the Exchequer, made the announcement in a statement released to the press, explaining that the devaluation, and other economic measures, had been prompted by the requirements of the International Monetary Fund for loans and credits to the United Kingdom of three billion U.S. dollars (£1.25 billion under the ...