Great Britain: New Blow to the Chin

While a holiday calm settled over most chancelleries and financial centers, Britain had no respite from the Labor government's continuing difficulties with business and the badly shaken economy. Last week the Bank of England was forced to move in for the second time in as many weeks to support the pound against renewed selling pressure abroad. Foreigners, not wanting to be stuck with pounds in the event of devaluation, were finding buyers in advance for pounds that they expect to receive over the next few months. The central bank had to use as much as $56 million of its...

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