By Duncan Needham
This booklet charts the process financial coverage within the united kingdom from 1967 to 1982. It exhibits how occasions resembling the 1967 devaluation, the cave in of Bretton Woods, the stagflation of the Seventies, and the IMF personal loan of 1976 all formed coverage. It exhibits that the 'monetarist' test of the Eighties used to be in accordance with a basic misreading of Seventies financial coverage.
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Extra resources for UK Monetary Policy from Devaluation to Thatcher, 1967–82
The Government Broker could not lean into the wind and control the money supply at the same time. The Importance of Money did little to challenge this assumption, pointing to the ‘danger ... 96 The authorities had to devise some way of ensuring that the gilt market did not frustrate their increasing emphasis on the money supply. The key work was done over the summer of 1970. In early September, Michael Hamburger, on secondment to the Bank from the New York 34 UK Monetary Policy from Devaluation to Thatcher Federal Reserve, reported that approximately 50 per cent of the price volatility of undated gilts could be explained by Eurodollar rates, anticipated inflation and the forward differential between sterling and US dollar rates.
Only deposit-taking banks were required to maintain it and, if a bank looked likely to fall short of the mandatory requirement on a ‘make up’ day, it could easily ‘window dress’ its liquidity reserves by switching out of loans (not counted as ‘liquid’ assets) into, for example, Commercial Bills. Special deposits The special deposits system was agreed with the banks in 1958. Again, they fell on the institutions at the top of the ‘ladder of recognitions’ by requiring deposit-taking banks to post a percentage of their gross advances at the Bank during times of credit restraint.
7 per cent in 1968, this represented a significant real drop in advances. The Treasury rarely had direct contact with individual lenders, so the burden of enforcing the ceilings fell upon the Bank. This was not a responsibility that sat easily with Bank officials who were forced to send out hundreds of letters and summon bankers to explain breaches of the prescribed limits. 108 As with special deposits, ceilings fell disproportionately on the banks at the top of the ‘ladder of recognitions’. The structure of this book Chapter 1 examines the practical and theoretical developments in monetary policy between devaluation in November 1967 and the introduction of CCC in September 1971.