The stupidity and ignorance of the Labour Party as demonstrated by Jonathan Reynolds MP

Here you can see the stupidity and ignorance of the Labour Party as demonstrated by Jonathan Reynolds MP  https://twitter.com/jreynoldsMP tweeting to Chris Cook (Policy editor, BBC Newsnight) https://twitter.com/xtophercook

The devaluation of the pound sterling on 18th November 1967 from $2.80 to $2.40 resulted in a fourteen per cent increase in the price of imports (as Harold Wilson said at the time "the pound abroad is worth 14 per cent less in terms of other currencies") and thus a considerable rise in prices in the shops, including the price of food.

This in turn stoked inflation and led to increased pay demands by the unions - with the historical results that we are all familiar with.

Mr Reynolds should also note that his party had promised no less than twenty times in the three years before November 1967 that they would not devalue the currency.

Devaluation had implications for the United Kingdom's standing internationally as all those countries that held sterling balances saw the value of their deposits cut by 14 per cent overnight.

And if Mr Reynolds cares to read the Hansard accounts of the parliamentary exchanges that followed devaluation he would perhaps be amused to discover Robert Maxwell (then Labour MP for Buckingham) lecturing the Conservative side of the house on economic competence.