• Short Summary

    BRITISH PRIME MINISTER HAROLD WILSON SAID TONIGHT (SUNDAY) HIS DEVALUATION OF THE POUND WOULD GIVE BRITAIN A CHANCE TO BURST FROM THE ECONOMIC STRAIT JACKET THAT HAD GRIPPED ITS FORTUNES OVER THE LAST 15 YEARS.

  • Description

    1.
    GV WHITEHALL PAN TO DOWN STREET
    0.16

    2.
    CU WILSON SPEAKING
    2.17


    TRANSCRIPT: MR. WILSON (SEQ 2): "IT WOULD HAVE BEEN POSSIBLE TO RIDE OUT THIS PRESENT TIDE OF FOREIGN SPECULATION AGAINST THE POUND BY BORROWING FROM CENTRAL BANKS AND GOVERNMENT ABROAD - BANKS AND GOVERNMENT TO WHOM I PAY TRIBUTE FOR THEIR HELP AND CO-OPERATION OVER THESE PAST YEARS. IN OUR VIEW IT WOULD HAVE BEEN IRRESPONSIBLE TO GO ON DEALING WITH THE SUCCESSIVE WAVES OF SPECULATION BY BORROWING FOR THREE MONTHS, SIX MONTHS, AT A TIME, WITHOUT ATTACKING THE ROOT CAUSE OF THE SPECULATION. FAILING TO ATTACK THE ROOT CAUSE WOULD HAVE MEANT TRYING TO BORROW THIS TIME IN CONDITIONS IN WHICH OUR CREDITORS ABROAD MIGHT WELL INSIST ON GUARANTEES ABOUT THIS OR THAT ASPECT OF OUR NATIONAL POLICIES . LAST WEEKEND THE GOVERNMENT DECIDED WE WERE NOT PREPARED TO ACCEPT ANY SOLUTION WHICH PLACED RIGID LIMITATIONS ON THE ABILITY OF OUR PEOPLE AND GOVERNMENT TO SOLVE OUR PROBLEMS BY OUR OWN EXERTIONS THAT WE COULD NOT ACCEPT RESTRICTIONS ON OUR NATIONAL GROWTH, ON INDUSTRIAL EXPANSION, AND OUR DETERMINATION TO ACHIEVE AND MAINTAIN FULL EMPLOYMENT. WE'RE DETERMINED TO BREAK OUT FROM THE STRAIT JACKET WHICH HAS CONSTRICTED US UNDER SUCCESSIVE GOVERNMENTS NOW FOR FIFTEEN YEARS. A STRAIT JACKET WHICH MEANT THAT EVERY TIME WE TRIED TO SOLVE OUR PROBLEMS BY EXPANDING PRODUCTION, BY MOBILISING THE EFFORTS AND SKILL OF OUR PEOPLE ON THE BASIS OF FULL EMPLOYMENT, THE IMMEDIATE RESULT WAS A DESPERATE TRADE AND PAYMENTS DEFICIT. THE DEFICIT WE INHERITED THREE YEARS AGO - OVER GBP800 MILLION - WAS ITSELF THE RESULT OF AN ATTEMPT BY OUR PREDECESSORS TO FIGHT THEIR WAY OUT OF THIS DILEMMA BY AN UNRESTRAINED BOOM. AND FOR THREE YEARS WE HAVE FOUGHT, AND IT WAS OUR DUTY TO FIGHT, TO OVERCOME THAT DEFICIT, TO MAINTAIN THE EXTERNAL VALUE OF STERLING. AND NO-ONE COULD DOUBT, AT HOME OR ABROAD, OUR DETERMINATION TO WIN THROUGH."




    Initials AA/V-TELE/RM/DS



    Script is copyright Reuters Limited. All rights reserved

    Background: BRITISH PRIME MINISTER HAROLD WILSON SAID TONIGHT (SUNDAY) HIS DEVALUATION OF THE POUND WOULD GIVE BRITAIN A CHANCE TO BURST FROM THE ECONOMIC STRAIT JACKET THAT HAD GRIPPED ITS FORTUNES OVER THE LAST 15 YEARS. IN A NATION-WIDE TELEVISION AND RADIO ADDRESS HE EXPLAINED HOW THE LABOUR ADMINISTRATION HAD BEEN PUSHED BACK TO THE DRAMATIC REMEDY OF LOPPING 14 PER CENT OFF THE POUND'S INTERNATIONAL VALUE.

    THE PRIME MINISTER APPEARED BEFORE THE CAMERAS SEATED AT HIS DESK IN NUMBER TEN DOWNING STREET. HE LOOKED STERN BUT HIS VOICE WAS CALM. HE SAID A RESORT TO FURTHER HEAVY BORROWING ABROAD MIGHT HAVE BROUGHT WITH IT UNPALATABLE RESTRICTIONS ON THE GOVERNMENT'S CONDUCT OF AFFAIRS.

  • Tags

  • Data

    Film ID:
    VLVA68F0I9PCX9MUJ6S706WJGO4R9
    Media URN:
    VLVA68F0I9PCX9MUJ6S706WJGO4R9
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    19/11/1967
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Black & White
    Duration:
    00:02:19:00
    Time in/Out:
    /
    Canister:
    N/A

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