""Don, devaluation and inflation are not the same thing.""

Now you are insulting me.



N.B.   WILSON devalued the pound, with the inane assurance "The pound in your pocket is worth the same as it has always been". He did not complete the statement with the obvious truth "When you take it out and spend it, THATS when it'll be worth less", but then he never DID know what he was talking about....... With me so far?

In the same year inflation rose to over 16%   Still there?
The combined effect was that the pound at the end of that year would purchase 20% less goods than at the start.

CALLAGHAN presided over an increase of INFLATION to 21.9% at the time when he was deservedly kicked out of office, and replaced by the dreaded Maggie.


A MATTER OF PUBLIC RECORD!

Don T.