The Commentary this time is mainly concerned with events during the three months August to October, although where appropriate it also touches upon the more important developments since then. This introductory section outlines the economic situation as it appeared during those three months, and as it developed subsequently up to the increase in Bank Rate on the 23rd November and the unprecedentedly swift extension on the 25th November by central banks of large-scale support for sterling. During August to October, the picture at home was of an economy continuing very active, though not uniformly at full stretch. Consumers' spending had not increased as fast as had seemed likely earlier in the year; but in the investment industries, demand, from both the public and the private sectors, was very strong and there was evidence of some overloading in both building and engineering. Although imports had largely levelled out after their rapid growth at the end of 1963 and early in 1964, exports were consistently disappointing, particularly in the field of engineering capital goods.
Published on 01 December 1964
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