Wynne Godley asks if Britain will have to withdraw from Europe
Wynne Godley, 25 October 1979
“... devaluations British farm prices, both to consumers and to producers of the relevant products, rose about 12 per cent in this period. But strong sterling would make it impossible for the UK to have it both ways. Green currencies may only be devalued or revalued towards, never away from, par. Sterling recently reached a level which brought our green pound ... ”