The Commentary last December dealt in detail with events during the three months of August to October; but some outline was also given of the rapid development of the sterling crisis in November and of the emergency measures taken to deal with it and to help reshape the economy. These included the import surcharge, the special Budget of the 11th November, the increase in Bank Rate from 5% to 7% on the 23rd November, the mobilisation two days later of $3,000 million of special aid for sterling, and the Governor's letters to the banks and other financial institutions early in December concerning the amount and direction of their lending.
Published on
01 March 1965
Commentary