Swiss bankers attack steel nationalisation

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The December issue of Union Bank of Switzerland's Review discussed whether the Labour Government's economic policies were likely to 'restore confidence in pound'. It commented: "The most recent attitude of the British Chancellor of the Exchequer..certainly offered only an unsatisfactory fulfil~ ment of expectations..eaually incapable..was the policy of the Bank of England to k-ep the public svessing as to the actual position of the British currency reservese" The Review says there are two main causes for lack of confidence: the 15% surcharge; and the return to nationalisation experiments “which not only fit in badly with Great Britain's economic situation but have already been written off by modern and democratic socialism itself..." This the clearest statement we have seen from such a source that there are big ideologigal undertones in foreign bankers! attitude to the crisis of the pound.