ABSTRACT
The year to April 1968 was described as the most eventful in monetary affairs in the preceding post-war period; that to April 1969 must surely rank as one of the most disappointing. Despite the devaluation, the most severe budget since the war, and a succession of other measures, the current account deficit on the balance of payments for 1968 was the largest ever recorded and further external support for sterling was required. Some progress towards surplus was achieved, but it was uneven and slower than had been hoped. In particular, exports expanded well, assisted by a fairly rapid rise in world trade, but imports remained obstinately at a high level. Other favourable developments were a substantial measure of economic growth with the level of employment well maintained and – towards the end of 1968 – a marked upturn in industrial investment.
