Sir Stafford Cripps explains why the Sterling to Dollar exchange rate was vital to the economy.
Full title reads: "Devaluation 'The Only Way' - says Sir Stafford".
Heathrow Airport and London.
Heathrow: LV Cripps' plane taxiing in at London airport. CU Plane taxiing past camera. SV Pan gangway being pushed to plane. LV Cripps out of 'plane and down steps. SV Cripps down steps. LV Cripps at bottom of steps. LV Crowds and press round Cripps. SV Towards and pan Cripps walking to car. SV Pan Cripps' car drives away.
London: GV Mass of businessmen thronging Throgmorton St. SV Bank doors closed. Angle shot South African Bank doors shut. CU Nameplate. GV Whitehall.
CU Sir Stafford Cripps. LV Cripps speaking at desk. CU Cripps' speech. "I want to impress upon you the seriousness of the step that we've taken in changing the dollar rate of exchange of the pound sterling. This is a thing we can't do twice with any success. We can increase our sales of sterling goods in America and in Canada and so enable ourselves to buy the foodstuffs and the raw materials which we must have to maintain our living standards. The lowering of the exchange rate of the pound sterling will mean an increase in the price of bread and flour and possibly later on of a few other things. Such increases shouldn't be large and must not be used to force up the cost of production by raising profits, wages or salaries. We've boldly created the opportunity. Let us take it. Let us maintain, and not destroy, the full employment that we now have."