Word: poundingly
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Dates: during 1960-1969
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...Party to victory at the polls with promises not to engage in the type of "stop-go" economic policies that he accused the Conservatives of using in their economic crises. Yet last week he held up the biggest stop sign of all. In an effort to bolster the sagging pound, Wilson called for a freeze on all wages, prices and dividends in Britain as well as new taxes to squeeze inflation out of the economy...
Gathering for their regular Thursday morning meeting, directors of the Bank of England last week made a decision that has been expected on Threadneedle Street as well as Wall Street. Faced with a continuing economic crisis and with a shaky pound sterling that slipped at one point to its lowest value in 20 months, the directors raised the bank rate-the interest that other banks must pay to borrow from Britain's central bank. The rate was increased from 6% to 7%, a level it last reached during the sterling crisis of November 1964. Thus Britain became the sixth...
...Bank of England's action will provide short-term relief for the pound by attracting back to English banks some of the money that has been siphoned off owing to more attractive interest rates elsewhere and uncertainty over the pound. But in the House of Commons, Prime Minister Harold Wilson hinted that for the long term further austerity measures may be necessary...
...also had troubles inside the Labor Party. Minister of Technology Frank Cousins (see THE WORLD), a dedicated, emotional trade union leader, resigned in protest against Wilson's aim of holding down wage increases. The dispute hardly bolstered confidence in the British econ omy or the value of the pound...
Foreign problems also gnawed at the pound. Switzerland last week raised its bank discount rate from 2½% to 3½% , thus becoming the fifth European nation to do so in the past ten weeks. The higher rates have helped pull short-term money out of Britain...