Word: pound
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Dates: during 1960-1969
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...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. What particularly irked his critics was his declaration to the British that devaluation "does not, of course, mean that the pound here in Britain in your pocket or purse or in your bank has been devalued...
...that devaluation sooner or later must hurt their pocketbooks by raising prices. Some unhappy Britons discovered that fact immediately. In Florence, British tourists who had bought their round-trip tickets in London before devaluation were not allowed to embark for home before paying an additional 14.3% to cover the pound's loss; at week's end 70 airlines agreed to increase by some 17% the price of airline tickets bought with pounds. A Scottish football team, traveling in Naples on a tight budget that became even tighter with the advent of the minipound, also had to ante...
...create a prosperous Europe that would include Britain, seemed more bent on mischief. De Gaulle's machinations, charged no less an authority than Robert V. Roosa, former U.S. Treasury Under Secretary, began a month ago when the French President caught the scent of approaching trouble for the pound. Hoping to demonstrate that Britain is unfit for Common Market membership, the French began a clandestine campaign to create a sterling crisis by spreading damaging rumors and innuendo, including false reports of loans to Britain. "This," said Roosa, "was a triumph of mischiefmaking, a parade of viciousness...
...world took the fall of the pound with considerable calm. Predictably, 22 other nations devalued their currencies -generally by amounts in line with Britain's painful decision to shrink the value of her pound by 14.3%, from $2.80 to $2.40. The world's major trading countries-the U.S., Japan, Canada, Australia and the Common Market-rerained from retaliatory devaluations. The pound steadied on the money market and comparative tranquillity replaced the turmoil of the week before...
Apart from causing interest costs to rise, the mini-pound should benefit U.S. consumers. However, the price of British goods shipped abroad will fall not by the full 14.3% devaluation but from zero to about 10%, depending chiefly on how much of the final tab represents transportation, import duties, U.S. distribution and profit markups. Auto dealers expect to cut prices of British cars by 5% to 10% within weeks. On the other hand, importers predicted that the cost of a bottle of Scotch will drop only a few pennies-after the Christmas holidays. Devaluation will shave the profits of some...