Word: callaghans
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Advent of Minipounds. The Tory attacks were predictable, of course, but their unexpected ferocity stemmed from Wilson's tricky presentation of devaluation. To Callaghan, formerly known as "Sunny Jim," Wilson delegated the plain speaking about devaluation: the inevitable rise in domestic prices, the need to hold down wage increases. Callaghan, whose frankness enabled him to emerge from the affair looking much better than Wilson, may well be moved to a new post in a Cabinet reshuffle within a month or two. Wilson, on the other hand, was conveniently obscure or deftly evasive in his television address to the country...
...followed by the equally traumatic devaluation of Harold Wilson and his government. Crowds mounted a week-long vigil on the sidewalk opposite No. 10 Downing Street, some of them crying: "Get out, you silly nits." In most un-British fashion, eggs were hurled at Chancellor of the Exchequer James Callaghan. A poll published by the Daily Mail reported that 54% of British voters thought that Wilson should resign, and that 56% believed that devaluation was the result of Labor's mismanagement. In the only chance that Britons had to express their judgment with ballots, the by-election voters...
That afternoon, Callaghan had to go before the Commons to answer questions about rumors that Britain had made international loan arrangements. He did not confirm that there were such negotiations for a good reason: there had not yet, in fact, been any. It was not until after the Cabinet meeting that the government went out and started looking for loans on the basis of its decision. The Bank of England's O'Brien went to work calling up his central bank counterparts in Europe and in the U.S. The whole deal was finally arranged by Saturday afternoon...
...meeting that morning in Washington. The directors gave tentative approval to Britain's plan (they are to vote formally on the matter this week), and that approval was received in London about 5 p.m. Some four hours after that, having worked out a few more details, Chancellor Callaghan made his historic announcement...
...temporary respite," said the Deutsche Bank's Hermann Abs. "Not a real solution," observed Swiss Union Bank Chairman Dr. Alfred Schaefer. "Devaluation alone would only be a temporary measure," said Bank of America President Rudi Peterson. The British are well aware that devaluation alone is not enough. Chancellor Callaghan indicated that the government would couple it with enough muscle at home to ensure a turnabout into the black in the balance of payments of "$1.2 billion a year." The giant Trades Union Congress was due to meet this week to discuss voluntary wage restraints, essential to ensure that...