ABSTRACT
Britain experienced a series of currency crises from 1919 to 1972 during the eras of the gold standard and the Bretton Woods fixed exchange rate system. The period as a whole saw three major crises and devaluations – 1931, 1949, and 1967 – and numerous lesser sterling crises from the 1940s to the floating of the pound in June 1972. The sterling crises generated press headlines, with the balance of payments and the condition of the pound becoming national preoccupations in post-war decades. Coverage provided readers with news, explanation, and editorial commentary. Financial journalists were assisted in varying degrees by guidance from the Bank of England and the Treasury. Generally the authorities took the view that the less said about the pound the better, but if events required comment it should be supportive of official policy and the current exchange rate. Mostly the press was anxious not to undermine the pound and wary of provoking or exacerbating a sterling crisis, whatever journalists’ private views of policy. But how were these imperatives to be reconciled with the press’s role as a source of news and editorial freedom to comment?
