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Foreign News
September 19, 1949
The Daily Alaska Empire
Juneau, Juneau County, Alaska
What is this article about?
UK Chancellor Sir Stafford Cripps devalued the pound sterling despite nine public denials since January 26, 1948. A 1931 quote from former Chancellor Sir Philip Snowden explains why such admissions are avoided.
Clipping
OCR Quality
98%
Excellent
Full Text
CRIPPS FLOP
LONDON, Sept. 19 (AP)—Sir Stafford Cripps said: "No, no, no." Then he said it again and again and again. And then he devalued the pound anyway.
A search of the records today showed that the Chancellor of the Exchequer had made nine public denials since January 26, 1948, that the pound would be cheapened.
The explanation, perhaps, was given by Sir Philip Snowden, when he was Chancellor of the Exchequer in 1931:
"If a chancellor ever admitted devaluation was likely, it would immediately become inevitable, because foreigners would stop buying our goods in the hope of getting them more cheaply later on."
LONDON, Sept. 19 (AP)—Sir Stafford Cripps said: "No, no, no." Then he said it again and again and again. And then he devalued the pound anyway.
A search of the records today showed that the Chancellor of the Exchequer had made nine public denials since January 26, 1948, that the pound would be cheapened.
The explanation, perhaps, was given by Sir Philip Snowden, when he was Chancellor of the Exchequer in 1931:
"If a chancellor ever admitted devaluation was likely, it would immediately become inevitable, because foreigners would stop buying our goods in the hope of getting them more cheaply later on."
What sub-type of article is it?
Economic
What keywords are associated?
Pound Devaluation
Stafford Cripps
Chancellor Exchequer
Uk Economy
Currency Cheapening
What entities or persons were involved?
Sir Stafford Cripps
Sir Philip Snowden
Where did it happen?
London
Foreign News Details
Primary Location
London
Event Date
September 19, 1949
Key Persons
Sir Stafford Cripps
Sir Philip Snowden
Outcome
devaluation of the pound
Event Details
Sir Stafford Cripps, Chancellor of the Exchequer, made nine public denials since January 26, 1948, that the pound would be cheapened, but devalued it anyway. Explanation from Sir Philip Snowden in 1931 on why chancellors avoid admitting devaluation likelihood.