Was It a Bankers' Ramp ?

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Yesterday we commented on Jim's denial in the economic debate on Wednesday that the Government had been forced to take the July 20th emergency measures by foreign bankers. A hard-hitting article by the Guardian's City editor William Davis yesterday critically examined thet view. When he aws in Washington last week, Davis put the point to M. Paul Schweitzer, managing director of the International Monetary Fund (whom he describes as Britain's Bank Manager). His reply was that an under-taking by the British Governemnt to take "additional steps" was certainly part of the agreement reached. Davis concludes that although no formal strings were set out, it was made quite clear that the Government would have to embark ona deflationary policy. Was it a bankers' ramp? Delegates will make up their_own minds.