If there was to be no devaluation and little or no deflation, how was the deficit in the balance of payments to be got rid of? How were the external debts that were mounting up ever to be repaid? It was not possible to count on the continuation of the surcharge for more than a year or two and there was a limit to what should or could be borrowed abroad. A long-term foreign loan received scant consideration. Instead a whole series of measures was taken to improve the balance of payments directly or to make British industry more competitive and narrow the gap between imports and exports. These measures were spread over several years, many of them during the exchange crises in July 1965 and July 1966, without any effort to frame a comprehensive programme and assess its adequacy.
Weitere Kapitel dieses Buchs durch Wischen aufrufen
- A Strategy for the Pound?
Sir Alec Cairncross
- Palgrave Macmillan UK
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