Inflation

Friday Flyer: Dependence Day for the `The Old Lady'?

I start this new series of end-of-the-week blogposts  with a small confession. Many years ago I was at the Bank of England working in monetary analysis the day that operational independence was granted by the incoming Labour administration. 

Pound in your pocket

Almost half a century ago, Prime Minister Harold Wilson told the country:  "From now the pound abroad is worth 14% or so less in terms of other currencies. It does not mean, of course, that the pound here in Britain, in your pocket or purse or in your bank, has been devalued.”