Workers fight nev attacks
Socialist Press1979 1979-08-08Read it in the scan (PDF), scan page 5 →
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Currency traders warn of the damaging impact of the strong pound on their export trade.
ICt point out that, while they stand to gain £2½ million per year from every one cent rise in the value of the poundsince their imported raw materials become cheaper-they stand to lose £5 million in lost sales as a result of their prices being pushed up in the highly competitive chemicals market.
Increasingly top employers are pointing out that although it is possible for modern German and Japanese industries to compete effectively despite their high valued currencies, for British industry the present period is like high altitude training for athletes: in limited doses it can aid fitness; but if carried on for too long it results in collapse!
Yet the Tories show no sign of seeking to alter the present situation. The record level interest rates that have acted as a magnet for speculative capital from all over the world and thus driven up the value of the pound are to be maintainedand some bankers are even speculating that they may rise further.
Not deterred Nor does the impact this is having on sections of industry