In the early weeks of 1964 evidence that the economy was expanding and resources being absorbed continued to come forward, and doubts began to arise whether the pace might not be a little faster than could be sustained in the longer run. These doubts were reinforced in the public mind in the second week of February, when it became known that the January figures showed an unusually large trade gap. Sterling, after holding steady for the best part of a year, then came under some pressure, though this was neither very severe nor long-lasting.
Published on
01 March 1964
Commentary