• Short Summary

    THERE WAS AN ATMOSPHERE OF QUIET IN THE CITY OF LONDON TODAY (MONDAY), THE FIRST WEEKDAY AFTER SATURDAY'S ANNOUNCEMENT THAT THE POUND STERLING HAD BEEN DEVALUED BY 14.3 PER CENT.

  • Description

    THERE WAS AN ATMOSPHERE OF QUIET IN THE CITY OF LONDON TODAY (MONDAY), THE FIRST WEEKDAY AFTER SATURDAY'S ANNOUNCEMENT THAT THE POUND STERLING HAD BEEN DEVALUED BY 14.3 PER CENT.

    HOWEVER, TODAY WAS NOT A NORMAL CITY WORK DAY. ALL BANKS AND THE STOCK EXCHANGE WERE CLOSED, AND THE MAIN BUSINESS TRANSACTED DURING THE DAY WAS INSURANCE.

    DURING TODAY THE BANKS HAVE BEEN ADJUSTING THEIR EXCHANGE RATES FOR FOREIGN CURRENCIES AS NEW OF OTHER COUNTRIES FOLLOWING BRITAIN'S EXAMPLE IS RECEIVED. THEY HAVE ALSO HAD TO MAKE OTHER ADJUSTS TO CONFORM WITH BRITAIN'S NEW BANK RATE OF EIGHT PER CENT, A RISE OF ONE AND A HALF PER CENT.

    THE STOCK EXCHANGE CLOSURE WILL GIVE DEALERS AN OPPORTUNITY TO MAKE ADJUSTMENTS TO THE NEW VALUE OF THE POUND -- NOW EQUAL TO 2.4 U.S. DOLLARS. ANY DEALINGS WERE MADE BY TELEPHONE OR IN COFFEE BARS IN THE CITY. IN 1949 WHEN BRITAIN LAST DEVALUED DEALERS MADE TRANSACTIONS IN THE STREET, BUT THERE WAS NO SIMILAR REACTION TODAY.

    THERE HAS NOT BEEN ANY IMMEDIATE WIDESPREAD EFFECTS YET IN BRITISH STORES AND SHOPS. THE PRIME MINISTER, MR WILSON HAS ALREADY PREDICTED A RISE IN THE PRICE OF IMPORTED FOODS. THE MAIN FOOD ITEMS WILL INCLUDE FRUIT AND VEGETABLES, BREAD (BECAUSE MOST OF BRITAIN'S GRAIN IS IMPORTED), DAIRY PRODUCE AND MEAT.

    OIL COMPANIES HAVE ALSO FORECAST A RISE IN THE PRICE OF PETROL, RANGING TO ABOUT TWO PENCE A GALLON.

    MR WILSON HAS WARNED THAT A CLOSE WATCH WILL BE KEPT ON PRICE RISERS TO ENSURE THAT THERE WAS NO EXPLOITATION OF THE SITUATION BY RETAILERS AND WHOLESALERS WHO DID NOT HAVE TO INCREASE COSTS.

  • Tags

  • Data

    Film ID:
    VLVA5WP9SZZXZYRRE4MMGUQBI5AQA
    Media URN:
    VLVA5WP9SZZXZYRRE4MMGUQBI5AQA
    Group:
    Reuters - Incuding Visnews
    Archive:
    Reuters
    Issue Date:
    20/11/1967
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Black & White
    Duration:
    00:01:29:00
    Time in/Out:
    /
    Canister:
    N/A

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