BBC Parliament presents an evening of archive programmes and specially filmed interviews with the politicians, civil servants and commentators involved in the 1967 devaluation of the pound this Sunday, 18th November.
At 9.30pm on Saturday 18 November, 1967, Harold Wilson’s Labour government devalued sterling by 14.3 per cent. It came as a great shock to some and a relief to others, as the government’s three-year defence of the pound finally collapsed and the power of sterling diminished � a momentous occasion carefully underplayed by Harold Wilson in his famous broadcast: “It does not mean that the pound here in Britain, in your pocket, in your purse or bank, has been devalued.”
Forty years later, The Pound In Your Pocket follows the story of the ailing pound as it unfolded at the time. From a currency in crisis and devaluation in November 1967 to the harsh budget � “stage three of devaluation” � in March 1968, it was a time of economic uncertainty, humiliation and great hardship for the country.
Archive programmes featured throughout the evening include: Twenty-Four Hours with Cliff Michelmore; The Money Programme with William Davis and Alan Watson; the “grand inquisitor” Robin Day in the Our Money special, containing Harold Wilson’s infamous “pound in your pocket” address; Panorama with an appearance by a young David Dimbleby; and highlights from Budget ’68 � Ian Trethowan and the team examine Roy Jenkins’s deflationary budget live as the Chancellor removed �923 million from the economy.
Sunday 18 November, 6.00pm-12.00 midnight BBC PARLIAMENT