When Harold Wilson commenced his first stint as the British Labour Party Prime Minister in 1964, he inherited an unusually large external deficit on the balance of trade from the Conservative administration and despite fighting the markets for a couple of years, the inevitable devaluation of the £GBP came in 1967, when Wilson famously assured the public that the "pound in your pocket had not lost its value,” stating within his next sentence that "prices will rise!"....to continue please follow the LINK
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