One “fix” was devaluation, a mechanism that, temporarily, would make exports cheaper for foreign buyers and imports more expensive for British consumers. Devaluation, however, felt like a national humiliation. By KingEconomist
is just the latest in a saga of painful episodes for successive UK governments. During the post-war era of “fixed but adjustable” exchange rates, British politicians were regularly faced with the terrifying risk of a currency devaluation. Poor underlying competitiveness left successive administrations facing severe trade deficits. One “fix” was devaluation, a mechanism that, temporarily, would make exports cheaper for foreign buyers and imports more expensive for British consumers.
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