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| Author: | Congdon, T. |
| Title: | In the City: The UK's successful service industries |
| Journal: | Economic Affairs
2001 : JUN, VOL. 21:2, p. 53-53 |
| Index terms: | UNITED KINGDOM SERVICE INDUSTRIES ECONOMIC CONDITIONS |
| Language: | eng |
| Abstract: | One of the great surprises of the late 1990s was that the United Kingdom's economy managed to cope with a severely over-valued currency. The pound rose sharply from August 1996 to January 1997, with the exchange rate against the Deutschemark going from 2.30 to almost 2.75. It then hovered between 2.70 and 3.30 for the next four years. Most experts judged that - at this level - the currency was over-valued by between 20 and 40%. The logical expectation in 1996 and 1997 was that the over- valuation would lead to a marked divergence between export and import growth, and hence to a widening in the balance-of-payments deficit. According to the official data on the volume of exports and imports, that was indeed what happened. |
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