The management of sterling, 1964–67

Oliver, Michael J. (2011). The management of sterling, 1964–67. English Historical Review, 126(520) pp. 582–613.

DOI: https://doi.org/10.1093/ehr/cer146

URL: http://ehr.oxfordjournals.org/content/CXXVI/520/58...

Abstract

This article will restate what might be labelled the ‘traditional view’. It will do so first by examining the position on devaluation among the core executive at the time the Labour Government took office. It will then turn to look at the problems the government faced with sterling in 1965 before considering the wider context to the management of sterling, including the National Plan, the sterling balances, the discussion on the EEC and international liquidity. After briefly revisiting the 1966 sterling crisis, the article will confront Newton’s challenge that ‘the question historians need to address is why the position in October to November [1967] should have led to a change in the rate’. Finally, the paper will draw larger conclusions on the management of sterling between 1964 and 1967.

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