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1952–54: Years of Growth

In: Monetary Policy and Financial Repression in Britain, 1951–59

Author

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  • William A. Allen

    (Cass Business School)

Abstract

The first stage of the reactivation of monetary policy, in November 1951, did not take the pressure off sterling, but after Bank rate had been increased to 4% in the Budget on 11th March 1952, the dollar exchange rate promptly, though temporarily, appreciated into the upper half of its fluctuation band. It fell back during the spring and required moderate support at the lower limit during June, but it returned to the upper half of the band more lastingly from October onwards. The gold and foreign exchange reserves went on falling until the middle of March, but from then onwards they began to increase (Figure 4.1).1

Suggested Citation

  • William A. Allen, 2014. "1952–54: Years of Growth," Palgrave Studies in Economic History, in: Monetary Policy and Financial Repression in Britain, 1951–59, chapter 4, pages 36-43, Palgrave Macmillan.
    • Handle: RePEc:pal:palscp:978-1-137-38382-2_4
    DOI: 10.1057/9781137383822_4
    as

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