The biggest attempt at government debt conversion in British history made front pages all over the world last week, but did it make sense?
Division of opinion was sharp. On international exchange Sterling slipped to $3.59 and the price of British stocks rose, as though in anticipation of a further slump in the pound. But there was a jubilant side to the picture. The House of Commons rocked with cheers when gout-ridden Chancellor of the Exchequer Neville Chamberlain walked painfully to make his bold announcement. Holders of British 5% War Loan Bonds, he declared,...
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