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dated August 4, 1958: Restriction on spending

Britain’s success in restoring confidence in her currency is detailed in the Bank of England’s annual report. The sudden rise in the bank rate to seven percent in September and other measures to restrict public and private spending caused “a definite turn in the monetary tide”, the report states. Confidence in sterling progressively declined from early spring until mid-September 1958, according to the report for the year ending February 28. At home, there was increasing realisation that over the post-war years more had been attempted than could be paid for without continuing inflation. It became increasingly difficult by funding or sales of long-term securities to meet the exchequer’s current needs for borrowing and to contain the growth of short-term Government credit.

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