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Measuring International Competitiveness

In: Monetarism or Prosperity?

Author

Listed:
  • Bryan Gould
  • John Mills
  • Shaun Stewart

Abstract

On 9 April 1976, the then Chancellor of the Exchequer, Denis Healey, authorised the Treasury to issue a statement declaring that there was ‘no economic justification’ for the sharp fall in the value of sterling in the previous days, which had taken the rate down from $2.02 in February to around $1.82. It was almost without precedent for the Treasury to make such a statement; but once the government had been committed to the view that the fall in the exchange rate was excessive, they had little option but to agree that the reserves should be used to prevent it falling any further. What evidence was available at the time about the competitiveness of the British economy?

Suggested Citation

  • Bryan Gould & John Mills & Shaun Stewart, 1981. "Measuring International Competitiveness," Palgrave Macmillan Books, in: Monetarism or Prosperity?, chapter 5, pages 122-146, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-16510-0_5
    DOI: 10.1007/978-1-349-16510-0_5
    as

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