year’s figures, see A. Seager
and A. Balakrishnan, ‘Balance of payments deficit rises £8bn to record £32bn’, The Guardian, 30
March 2006.
2. For example, the commitment to achieve balance in international payments by the end of 1966 was
a central plank of the government programme in 1965, and this balance of payments objective was
626 BEN CLIFT, JIM TOMLINSON
© 2008 The Authors. Journal compilation © 2008 Political Studies Association
BJPIR, 2008, 10(4)
also the centrepiece of the Letter of Intent to accompany borrowing from the Fund in May 1965. See
PREM 13/3151 Telegram, Foreign Office to Washington, ‘The UK drawing from the IMF’, 20 April
1965.
3. We are grateful to Matthew Watson for an illuminating discussion on this topic.
4. IMF Archives, EBD 53/24. Note by L. G. Melville to the Executive Board, ‘Compensatory Official
Financing’, 10 February 1953, p. 4.
5. NRA: PRO CAB 139/652, ‘Review of the balance of payments 1969: Report by officials’, 9 July 1969,
p. 4.
6. NRA: PRO CAB 139/652, Copeman to Rawlinson, ‘Review of the balance of payments’, 14 July 1969.
7. NRA: PRO CAB 139/652, ‘Review of the balance of payments 1969: Report by officials’, 9 July 1969,
p. 3.
8. NRA: PRO CAB 139/652, ‘Review of the balance of payments 1969: Report by officials’, 9 July 1969.
9. NRA: PRO CAB 139/652, ‘Review of the balance of payments 1969: Report by officials’, 9 July 1969,
p. 4.
10. NRA: PRO CAB 139/652, ‘Review of the balance of payments 1969: Report by officials’, 9 July 1969,
p. 4.
11. NRA: PRO CAB 139/652, ‘Review of the balance of payments 1969: Report by officials’, 9 July 1969;
see also Copeman to Rawlinson, ‘Review of the balance of payments’, 14 July 1969.
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