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Traders and financiers all over the world had been listening to the Chancellor. For months he had said that if he could not stop the wage claims, the country was "facing disaster". Those were his own words. Rightly or wrongly these people believed him. For them, 5th September—the day that the Trades Union Congress unanimously rejected the policy of wage restraint—marked the end of an era. And all these financiers, all the little gnomes in Zurich and the other financial centres about whom we keep on hearing, started to make their dispositions in regard to sterling. (en) |
