Articles

Theresa May, Harold Wilson & the dollar/pound exchange rate

In Uncategorized on October 12, 2016 by kmflett

Harold Wilson

The pound is currently trading at not that much above $1 have declined since the Brexit vote on 24th June- not that it was doing well before.

There are other indices of the health or otherwise of a market economy but this is one that can be historically situated.

On 18th November 1967 Harold Wilson’s Labour Government devalued the pound against the dollar from $2.80 to a lower figure. Wilson went on to make the well known speech to the effect that the ‘pound in your pocket’ will not be devalued, which Tony Benn described in his Diaries as ‘absurd’.

Still to what level do you think Wilson devalued the pound to?

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