• Short Summary

    THE PEOPLE OF BRITAIN AND FRANCE ARE FACING A "BLACK" CHRISTMAS. THE BRITISH FINANCE MINISTER,?

  • Description

    THE PEOPLE OF BRITAIN AND FRANCE ARE FACING A "BLACK" CHRISTMAS. THE BRITISH FINANCE MINISTER, MR. ROY JENKINS, TODAY ANNOUNCED A MASSIVE NEW SQUEEZE TO CUT CONSUMER SPENDING AND SLASH IMPORTS. THE FRENCH PEOPLE HAVEN'T HEARD THEIR BAD NEWS YET BUT A DEVALUATION OF THE FRANC BY UP TO 10 PER CENT IS SAID TO BE IMMINENT.

    THE CREDIT SQUEEZES IN BOTH COUNTRIES HAVE BEEN BROUGHT ABOUT BY THE WORLD'S LOSS OF CONFIDENCE IN THE FRENCH FRANC AND THE SUBSEQUENT SWITCHING OF FUNDS TO THE GERMAN MARK. TO COMBAT THIS, THE WORLD'S LEADING INDUSTRIAL COUNTRIES--"THE BIG TEN"--MET IN BONN AND EARLY TODAY (FRIDAY) AGREED ON A 2,000 MILLION DOLLAR CREDIT TO BACK THE FRANC. IT IS CLAIMED THAT THIS IS A "NO STRINGS ATTACHED" LOAN.

    THE CREDIT RESTRICTIONS ANNOUNCED IN LONDON TODAY BY THE BRITISH FINANCE MINISTER, MR. ROY JENKINS, CAME ABOUT AS THE RUN ON THE FRENCH FRANC WAS BADLY AFFECTING THE PARITY OF THE POUND STERLING. ALSO, BRITAIN HAD POOR BALANCE OF TRADE FIGURES LAST MONTH.

    TODAY'S RESTRICTIONS HIT THE "MAN IN THE STREET". TAX ON CIGARETTES, LIQUOR, PETROL AND A WIDE RANGE OF SHOP GOODS WENT UP. AS A FURTHER CLAMP DOWN ON SPENDING, THE GOVERNMENT IS ATTEMPTING TO CUT DOWN ON IMPORTS. IT IS INSTITUTING A SCHEME REQUIRING IMPORTERS TO LODGE A DEPOSIT OF 50 PER CENT OF THE VALUE IN CASH BEFORE RECEIVING FOREIGN GOODS.

    BUT WHILE THE BRITISH HAVE ALREADY HAD THEIR BAD NEWS THE FRENCH PEOPLE HAVE NOT. IN PARIS PRESIDENT DE GAULLE HAD SEVERAL MEETINGS WITH THE PRIME MINISTER, MAURICE COUVE DE MURVILLE, AND THE FINANCE MINISTER, M. ORTOLI. THE GENERAL, WHO CELEBRATED HIS 78TH BIRTHDAY TODAY, CALLED AN EMERGENCY CABINET MEETING FOR TOMORROW. IT IS WIDELY BELIEVED THAT AFTER THE MEETING, FRANCE WILL ANNOUNCE A DEVALUATION OF THE FRANC BY UP TO 10 PER CENT.

  • Tags

  • Data

    Film ID:
    VLVA3EVV16QQEAE04OEKQ1103ZYKT
    Media URN:
    VLVA3EVV16QQEAE04OEKQ1103ZYKT
    Group:
    Reuters - Including Visnews
    Archive:
    Reuters
    Issue Date:
    22/11/1968
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:02:19:00
    Time in/Out:
    /
    Canister:
    N/A

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