- Wilson believed the industrial troubles and trade unions caused the increases in britain's trade deficit and worried the gov was losing control of finances
- £ went down by 14.3%, in exchange went from $2.80 to $2.40
- done to increase economic growth and to balance payments
- devaluation implemented with james callaghan, was done to allow better foreign investments, exports are cheaper so british goods are sold more
- labour was usually associated with devaluation but wilson didn't want it to be but this devaluation didn't improve anything, was seen as a failure of the labour party
- productivity only increased by 18% as they were buying but weren't selling as much and was attempting to keep up the image of a powerful nation when it wasn't compared to usa, etc