The yen in your pocket
In November 1967, Harold Wilson gave his famous ‘Pound in your pocket’ speech. As Prime Minister of the UK he had just cut sterling’s fixed exchange rate against the dollar by 14%, and now attempted to persuade the British public that this did not affect them. He claimed: “It does not mean that the pound here in Britain, in your pocket or purse or in your bank, has been devalued.” He soon rowed back from this obviously fatuous remark: that