Floating pound
Sir: Finding much to admire in Mr Gordon Bigham's own excellent contribution to your correspondence columns (October 6), I only wish he had not included the floating pound as a necessary ingredient of his "economic miracle" recipe.
Surely, with the experience of the past 15'months (record trade deficit, 11 per cent mortgages and all) behind us, and Phase Three , (and how many more?) looming ahead, this is by now — even in your editorial columns — a rather outworn creed?
Even Mr Bigham's faith in the pulling power of the EEC requires the pound, if not to be repegged (let alone revalued), at least to be stabilised in terms of other EEC currencies if the benefits and costs of EEC membership are to strike their most favourable balance.
12 Arden Road, London N3 W. Grey
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