Devaluation ‘inevitable’
(N.Z Press Association) NEW YORK, June 1. A massive devaluation of the pound will probably be inevitable if Britain votes next Thursday to leave the European Common Market, “Barron’s,” the Dow Jones financial weekly, has said. The nationally circulated weekly said a new devaluation could not be ruled out even if Britain voted to stay in the market since the country’s inflation was running at over 30 per cent a year and the miners were asking for a 65 per cent pay increase. “The difference would be I that, if Britain stayed in the Market, her partners would b» ready to pledge support for a devalued nound on condition that Britain joined the European currency 'snake’ co-operative system. Given such backing, a heavily devalued pound could be held within the narrower limits of fluctuation that coi.stitute the ‘snake’,’’ "Barron’s” concluded.
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Press, Volume CXV, Issue 33858, 2 June 1975, Page 13
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142Devaluation ‘inevitable’ Press, Volume CXV, Issue 33858, 2 June 1975, Page 13
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