- Title: UK: ALL QUIET IN LONDON'S COMMERCIAL CENTRE ON FIRST WEEKDAY AFTER DEVALUATION
- Date: 20th November 1967
- Summary: 1. GV CITY AREA 0.03 2. CU SIGN "THROGMORTON STREET" 0.06 3. GV JOBBERS IN STREET 0.18 4. CU INDEX SIGN OUTSIDE STOCK EXCHANGE 0.21 5. GV INT..STOCK EXCHANGE EMPTY 0.26 6. CU NEWSPAPER BOARDS "WILSON FACES BITTER BATTLE" 0.32 7. SV CROWD OUTSIDE, BOWLER HATS ETC. 0.38 8. CU UNION JACK TILT TO STREET 0.48 9. GV PETROL STATION 0.53 10. CU PETROL PUMP 0.54 11. SV FILLING UP CAR WITH PETROL 0.59 12. GV GREEN-GROCERS SHOP 1.02 13. SV FRUIT, ORANGES ON STALL 1.06 14. CU ITALIAN PEARS 1.09 15. CU JAFFA GRAPEFRUIT 1.12 16. SV CANNED JUICE 1.15 17. SV BAKER SHOP 1.18 18. CU BREAD 1.22 19. CU DUTCH PRODUCE SIGN 1.25 20. NEW ZEALAND MEAT 1.28 Initials PBS/V/AS/ES Script is copyright Reuters Limited. All rights reserved
- Embargoed: 5th December 1967 12:00
- Keywords:
- Location: LONDON U.K.
- City:
- Country: United Kingdom
- Reuters ID: LVA5WP9SZZXZYRRE4MMGUQBI5AQA
- Story Text: THERE WAS AN ATMOSPHERE OF QUIET IN THE CITY OF LONDON TODAY (MONDAY), THE FIRST WEEKDAY AFTER SATURDAY'S ANNOUNCEMENT THAT THE POUND STERLING HAD BEEN DEVALUED BY 14.3 PER CENT.
HOWEVER, TODAY WAS NOT A NORMAL CITY WORK DAY. ALL BANKS AND THE STOCK EXCHANGE WERE CLOSED, AND THE MAIN BUSINESS TRANSACTED DURING THE DAY WAS INSURANCE.
DURING TODAY THE BANKS HAVE BEEN ADJUSTING THEIR EXCHANGE RATES FOR FOREIGN CURRENCIES AS NEW OF OTHER COUNTRIES FOLLOWING BRITAIN'S EXAMPLE IS RECEIVED. THEY HAVE ALSO HAD TO MAKE OTHER ADJUSTS TO CONFORM WITH BRITAIN'S NEW BANK RATE OF EIGHT PER CENT, A RISE OF ONE AND A HALF PER CENT.
THE STOCK EXCHANGE CLOSURE WILL GIVE DEALERS AN OPPORTUNITY TO MAKE ADJUSTMENTS TO THE NEW VALUE OF THE POUND -- NOW EQUAL TO 2.4 U.S. DOLLARS. ANY DEALINGS WERE MADE BY TELEPHONE OR IN COFFEE BARS IN THE CITY. IN 1949 WHEN BRITAIN LAST DEVALUED DEALERS MADE TRANSACTIONS IN THE STREET, BUT THERE WAS NO SIMILAR REACTION TODAY.
THERE HAS NOT BEEN ANY IMMEDIATE WIDESPREAD EFFECTS YET IN BRITISH STORES AND SHOPS. THE PRIME MINISTER, MR WILSON HAS ALREADY PREDICTED A RISE IN THE PRICE OF IMPORTED FOODS. THE MAIN FOOD ITEMS WILL INCLUDE FRUIT AND VEGETABLES, BREAD (BECAUSE MOST OF BRITAIN'S GRAIN IS IMPORTED), DAIRY PRODUCE AND MEAT.
OIL COMPANIES HAVE ALSO FORECAST A RISE IN THE PRICE OF PETROL, RANGING TO ABOUT TWO PENCE A GALLON.
MR WILSON HAS WARNED THAT A CLOSE WATCH WILL BE KEPT ON PRICE RISERS TO ENSURE THAT THERE WAS NO EXPLOITATION OF THE SITUATION BY RETAILERS AND WHOLESALERS WHO DID NOT HAVE TO INCREASE COSTS.
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