Sterling firmer
NZPA-Reuter London Sterling strengthened on foreign exchange markets on Monday, on the expectation that the British Labour Government will soon introduce tough measures to reduce its budget deficit. The pound closed 1.40 U.S. cents up at $1.64, continuing a recovery which started last week. Markets seem convinced that the Government will cut back heavily on public spending, and raise indirect taxation in a mini-budget within the next few weeks. This would help to satisfy the International Monetary Fund (1.M.F.) about Britain’s economic policies,, before the $3.9 billion loan is approved.
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Press, 17 November 1976, Page 27
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92Sterling firmer Press, 17 November 1976, Page 27
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