Britain: After the Fall

The devaluation of the pound was followed by the equally traumatic devaluation of Harold Wilson and his government. Crowds mounted a week-long vigil on the sidewalk opposite No. 10 Downing Street, some of them crying: "Get out, you silly nits." In most un-British fashion, eggs were hurled at Chancellor of the Exchequer James Callaghan. A poll published by the Daily Mail reported that 54% of British voters thought that Wilson should resign, and that 56% believed that devaluation was the result of Labor's mismanagement. In the only chance that Britons had...

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