DEVALUATION is not a soft option, an easy escape route from our afflictions. Neither is it a source of pride to citizens of a land of whom a famous American wrote last century: ‘The strength of England lies in the omnipotence of her industry’. The reasons for it are complex and in part international in origin, but the stark fact is that events drove the country ineluctably towards a crisis from which devaluation was the only way out.
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