1 nov 1967 anni - 1967: Devaluation

Descrizione:

- Wilson had to go to IMF for another loan, having already borrowed £1bn
- Wilson blamed TU for surmounting financial problems- blown off course by the seven weeks seamen's strike
- Devaluation of the pound: reducing exchange rate of pound sterling from $2.80-$2.40
James Callaghan: chancellor of the exchequer
- Wilson wanted to avoid tag that LAbour was a party associated with devaluation so Wilson delayed measure and then dramatised
Made devaluation appear a major political and economic failure by govt- resulted in the resignation of Callaghan.