THE POUND SINKS, INFLATION RAGES, AND BRITAIN TRIES MORE OF THE SAME - Herbert W Armstrong - August 1975

Herbert W Armstrong

DESPERATE MEASURE: Announcing a new government clamp down on skyrocketing wage increases as "a plan to save our country," Britain's Prime Minister Harold Wilson told the British public: "If we do not over the next 12 months achieve a drastic reduction in the present disastrous rate of inflation… the British people will be engulfed in a general economic catastrophe of incalculable proportions." While the rest of the modern industrialized world looks forward to declining inflation and unemployment rates, Great Britain stands out as the one glaring exception. Its inflation rate is twenty-five percent and accelerating while unemployment is heading for the symbolic one million mark. These facts have not escaped the attention of the international money markets where the pound experienced a disastrous run in early July. - Information Supplied By: Herbert W Armstrong Library