The review describes developments in various markets, mainly in the period August to October.
During these three months, the Bank's minimum lending rate (MLR) remained unchanged at 14%: expectations in the market that the next move would be downwards were revised, as US interest rates rose sharply and the remaining UK exchange control restrictions were lifted, and by the end of October UK market rates were going up. Yields on gilt-edged stocks rose over the period by around one percentage point.
Published on
01 December 1979
Financial review