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1967 Sterling Devaluation
The 1967 sterling devaluation (or 1967 sterling crisis) was a devaluation of pound sterling, sterling from $2.80 to $2.40 per pound sterling, pound on 18 November 1967. It ended a long currency crisis, sterling crisis that had started in 1964 with the election of Labour Party (UK), Labour in the 1964 United Kingdom general election, 1964 general election, but originated in the balance of payments crises of the preceding Conservative government. Historical background As soon as Harold Wilson's newly elected Labour government took power after winning the 1964 United Kingdom general election, 1964 general election, vowing to end the Conservatives' "stop-go" economic policies, sterling came under pressure because the market feared that Labour would devalue the currency so as to be able to implement a looser monetary policy, favouring growth. Upon coming to power, the government was informed that they had inherited an exceptionally large deficit of £800 million on Britain's external ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Devaluation
In macroeconomics and modern monetary policy, a devaluation is an official lowering of the value of a country's currency within a fixed exchange-rate system, in which a monetary authority formally sets a lower exchange rate of the national currency in relation to a foreign reference currency or currency basket. The opposite of devaluation, a change in the exchange rate making the domestic currency more expensive, is called a '' revaluation''. A monetary authority (e.g., a central bank) maintains a fixed value of its currency by being ready to buy or sell foreign currency with the domestic currency at a stated rate; a devaluation is an indication that the monetary authority will buy and sell foreign currency at a lower rate. However, under a floating exchange rate system (in which exchange rates are determined by market forces acting on the foreign exchange market, and not by government or central bank policy actions), a decrease in a currency's value relative to other major cur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sterling Area
The sterling area (or sterling bloc, legally scheduled territories) was a group of countries that either adopted or pegged their currencies to the pound sterling. The area began to appear informally during the early 1930s, after sterling had left the gold standard in 1931, with the result that a number of currencies of countries that historically had performed a large amount of their trade in sterling were pegged to sterling instead of to gold. A large number of these countries were part of the British Empire; however, a significant minority were not. Early in the Second World War, emergency legislation united the sterling bloc countries and territories (except Hong Kong) of the British Empire in a single exchange control area to protect the external value of sterling, among other aims. Canada and Newfoundland were already linked to the US dollar and did not join the sterling bloc. The Bank of England in London guided co-ordination of monetary policy in the currency area. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Currency
A currency is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general definition is that a currency is a ''system of money'' in common use within a specific environment over time, especially for people in a nation state. Under this definition, the British Pound sterling (£), euros (€), Japanese yen (¥), and U.S. dollars (US$) are examples of (government-issued) fiat currencies. Currencies may act as stores of value and be traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are either chosen by users or decreed by governments, and each type has limited boundaries of acceptance; i.e., legal tender laws may require a particular unit of account for payments to government agencies. Other definitions of the term ''currency'' appear in the respective synonymous articles: banknote, coin, and money. Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic History Of The United Kingdom
The economic history of the United Kingdom relates the economic development in the British state from the absorption of Wales into the Kingdom of England after Laws in Wales Acts 1535 and 1542, 1535 to the modern United Kingdom of Great Britain and Northern Ireland of the early 21st century. Scotland and England (including Wales, which had been treated as part of England since 1536) shared a monarch from 1603 but their economies were run separately until they were unified in the Act of Union 1707. Ireland was incorporated in the United Kingdom economy between 1800 and 1922; from 1922 the Irish Free State (the modern Republic of Ireland) became independent and set its own economic policy. Great Britain, and England in particular, became one of the most prosperous economic regions in the world between the late 1600s and early 1800s as a result of being the birthplace of the Industrial Revolution that began in the mid-eighteenth century. The developments brought by industrialisati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sterling Crisis (other)
Sterling crisis may refer to: * 1931 sterling crisis, emergency measures during the Great Depression * 1949 sterling crisis, devaluation * 1967 sterling crisis, devaluation * 1976 sterling crisis, IMF loan * 1992 sterling crisis ("Black Wednesday"), depreciation See also * Currency crisis A currency crisis is a type of financial crisis, and is often associated with a real economic crisis. A currency crisis raises the probability of a banking crisis or a default crisis. During a currency crisis the value of foreign denominated deb ... {{disambiguation Balance of payments Financial crises Economic history of the United Kingdom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Catherine Schenk
Catherine Ruth Schenk (born 2 September 1964) is a Canadian economic historian. She is Professor of Economic and Social History at the University of Oxford and a professorial fellow at St Hilda's College. She is also an associate fellow at Chatham House. Education and career Schenk completed her undergraduate studies in economics at the University of Toronto. She then moved to the London School of Economics to obtain her PhD under the supervision of Alan Milward. She started her career as a lecturer at Victoria University of Wellington in New Zealand. She then moved to London to be a lecturer at Royal Holloway, University of London. From 1996 to 2017, she taught at the University of Glasgow, first as a lecturer until 1998, senior lecturer until 2002, reader until 2004 and professor starting in 2004. In 2017, Catherine Schenk was nominated professor at the University of Oxford. Research Professor Schenk's research focuses the economic history of post war Britain. Her work ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate economic stability, stability. Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and poverty reduction, reduce poverty around the world." Established in July 1944 at the Bretton Woods Conference, primarily according to the ideas of Harry Dexter White and John Maynard Keynes, it started with 29 member countries and the goal of reconstructing the international monetary systems, international monetary system after World War II. In its early years, the IMF primarily focused on facilitating fixed exchange rates across the developed worl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fabian Society
The Fabian Society () is a History of the socialist movement in the United Kingdom, British socialist organisation whose purpose is to advance the principles of social democracy and democratic socialism via gradualist and reformist effort in democracies, rather than by revolutionary overthrow. The Fabian Society was also historically related to some of the furthest left factions of Radicalism (historical), radicalism, a left-wing liberal tradition. As one of the founding organisations of the Labour Representation Committee (1900), Labour Representation Committee in 1900, and as an important influence upon the Labour Party (UK), Labour Party which grew from it, the Fabian Society has strongly influenced British politics. Members of the Fabian Society have included political leaders from other countries, such as Jawaharlal Nehru, who adopted Fabian principles as part of their own political ideologies. The Fabian Society founded the London School of Economics in 1895. Today, the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commonwealth Of Nations
The Commonwealth of Nations, often referred to as the British Commonwealth or simply the Commonwealth, is an International organization, international association of member states of the Commonwealth of Nations, 56 member states, the vast majority of which are former territorial evolution of the British Empire, territories of the British Empire from which it developed. They are connected through their English in the Commonwealth of Nations, use of the English language and cultural and historical ties. The chief institutions of the organisation are the Commonwealth Secretariat, which focuses on intergovernmental relations, and the Commonwealth Foundation, which focuses on non-governmental relations between member nations. Numerous List of Commonwealth organisations, organisations are associated with and operate within the Commonwealth. The Commonwealth dates back to the first half of the 20th century with the decolonisation of the British Empire through increased self-governance ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pound Sterling
Sterling (symbol: £; currency code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound is the main unit of sterling, and the word '' pound'' is also used to refer to the British currency generally, often qualified in international contexts as the British pound or the pound sterling. Sterling is the world's oldest currency in continuous use since its inception. In 2022, it was the fourth-most-traded currency in the foreign exchange market, after the United States dollar, the euro, and the Japanese yen. Together with those three currencies and the renminbi, it forms the basket of currencies that calculate the value of IMF special drawing rights. As of late 2022, sterling is also the fourth most-held reserve currency in global reserves. The Bank of England is the central bank for sterling, issuing its own banknotes and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Sterling banknotes issu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1949 Sterling Devaluation
The devaluation of sterling in 1949 (or 1949 sterling crisis) was a major currency crisis in the United Kingdom that led to a 30.5% devaluation of sterling from $4.04 per pound to $2.80 on 18 September 1949. Although the devaluation was made in the United Kingdom, over 19 countries had currencies pegged to sterling and also devalued. Historical context The devaluation, unlike the competitive 1931 sterling devaluation, was done in cooperation between all European nations. There was a general understanding among European nations that sterling was overvalued and would need to be devalued. The IMF was in favour of a devaluation and wanted it to happen to allow other European currencies to also devalue. The timing of the devaluation remained unsure. This led to progressive pressure on the currency, up to a breaking point forcing the British government to devalue. The fundamental cause of the devaluation was a structural trade deficit of the United Kingdom with the United States. Bu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Balance Of Trade
Balance of trade is the difference between the monetary value of a nation's exports and imports of goods over a certain time period. Sometimes, trade in Service (economics), services is also included in the balance of trade but the official IMF definition only considers goods. The balance of trade measures a flow variable of exports and imports over a given period of time. The notion of the balance of trade does not mean that exports and imports are "in balance" with each other. If a country exports a greater value than it imports, it has a trade surplus or positive trade balance, and conversely, if a country imports a greater value than it exports, it has a trade deficit or negative trade balance. As of 2016, List of countries by net exports, about 60 out of 200 countries have a trade surplus. The idea that a trade deficit is detrimental to a nation's economy is often rejected by modern trade experts and economists. Explanation The balance of trade forms part of the Current ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
