• Short Summary

    THE VALUE OF THE POUND STERLING IS CONTINUING TO RISE IN LONDON AND ABROAD FOLLOWING THE BRITISH GOVERNMENT'S FREEZE OF PRICES AND INCOMES AS PART OF ITS ATTEMPTS TO CURE THE COUNTRY'S ECONOMIC ILLS.

  • Description

    THE VALUE OF THE POUND STERLING IS CONTINUING TO RISE IN LONDON AND ABROAD FOLLOWING THE BRITISH GOVERNMENT'S FREEZE OF PRICES AND INCOMES AS PART OF ITS ATTEMPTS TO CURE THE COUNTRY'S ECONOMIC ILLS. HOWEVER, SOME INDUSTRIES -- MOST NOTABLY CAR MANUFACTURERS -- ARE ALREADY BEGINNING TO LAY OFF STAFF, AND THE SALES OF CARS, HOUSES AND OTHER COMMODITIES ARE REPORTED TO HAVE DECLINED.

    THE PRICE OF STERLING ROSE YESTERDAY (TUESDAY) TO ITS HIGHEST LEVEL AGAINST THE UNITED STATES DOLLAR FOR NEARLY TWO MONTHS, AND NOW STANDS AT ABOUT 2 DOLLARS 79 AND ONE-SIXTEEN CENTS. OBSERVERS SAY THAT YESTERDAY'S RISE APPEARED TO OWE LITTLE OR NOTHING TO THE INTERVENTION OF THE BANK OF ENGLAND.

    HOWEVER, MORE AND MORE FIRMS HAVE ANNOUNCED OR ANTICIPATED STAFF REDUNDANCIES. SOME 1000 EMPLOYEES OF IMPERIAL CHEMICAL INDUSTRIES (ICI) RECEIVED DISMISSAL NOTICES RECENTLY, BUT THE BIGGEST LAY OFF OF STAFF HAS BEEN IN THE MOTOR INDUSTRY. SOME 38,600 WORKERS HAVE BEEN PUT ON SHORT TIME BY B.M.C. ALONE.

    BUT THE GOVERNMENT, UNIONS AND BUSINESSMEN RECOGNISE THAT THIS IS ONLY THE BEGINNING. WIDESPREAD REDUNDANCIES ARE EXPECTED IN THE BUILDING AND ANCILLARY TRADES, FOR INSTANCE, WHICH TOGETHER EMPLOY 3,000,000 PEOPLE. SOME INDUSTRIALISTS FEAR THAT THE GOVERNMENT MAY HAVE UNDERESTIMATED THE EFFECT OF ITS RESTRICTIVE MEASURES AND THAT -- AS UNEMPLOYMENT RISES WITH MANY SMALLER FIRMS TAKING THEIR CUE FROM THE GIANTS -- PURCHASING POWER WILL FALL DRAMATICALLY AND STAY IN A TROUGH FOR AS LONG AS TWO YEARS.

    ALREADY THERE ARE MARKED SIGNS OF PUBLIC BUYING RESTRAINT -- AS ACTUALLY ENVISAGED BY THE GOVERNMENT -- AND PRICES OF SOME COMMODITIES HAVE FALLEN. A RECENT SURVEY IS REPORTED TO REVEAL A MARKED FALL IN THE SALES OF PROBABLY THE DEAREST NECESSITY -- HOUSES. TIGHTNESS OF CREDIT AND THE DIFFICULTY OF OBTAINING MORTGAGES IS SAID TO BE THE CAUSE.

    HOWEVER, THE GOVERNMENT SAYS ITS MEASURES CANNOT BE AVOIDED IF THE COUNTRY IS TO BE PUT BACK ON A SOUND ECONOMIC FOOTING. AT THE RULING LABOUR PARTY'S TRADE UNION CONGRESS EARLIER THIS MONTH, MR. HAROLD WILSON, THE PRIME MINISTER, SAID: "OUR MEASURES HAVE BEEN TOUGH. THEY HAVE ADMINISTERED A SHOCK -- AS THEY WERE MEANT TO -- TO THE ECONOMY AND TO THE WHOLE BRITISH PEOPLE."

  • Tags

  • Data

    Film ID:
    VLVAC8M75RLEMZ090EBHIG41S9MCB
    Media URN:
    VLVAC8M75RLEMZ090EBHIG41S9MCB
    Group:
    Reuters - Including Visnews
    Archive:
    Reuters
    Issue Date:
    21/09/1966
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Black & White
    Duration:
    00:02:25:00
    Time in/Out:
    /
    Canister:
    N/A

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