Britain: Trouble for the Pound

The British must trade to eat, and there was general rejoicing last year when Britain sold enough goods to increase its share of worldwide exports for the first time since the late 1940s. Economists rushed to predict that this year would be even better. But 1963 proved to be a fluke, and 1964 has been anything but good for British trade. Last week the government announced that Britain's trade balance showed a discouraging deficit of $143 million in August—bringing to $930 million the deficit for the first eight months of the year. Because so much British money is going...

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