Commentary

Quarterly Bulletin 1961 Q4
Published on 01 December 1961

The measures adopted at the end of July and described in the previous issue of this Bulletin were intended to relieve pressure on sterling and to give early benefit to the balance of payments. They were designed to be consistent with, and to provide time for, the adoption of longer-term policies, which would help to prevent the periodic recurrence of external deficits and to ensure the continuance and, if possible, the acceleration of economic growth without impairing external solvency.

By the end of October it could be claimed that the short-term aims of the July measures had largely been achieved.

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