‘Unwept, unhonoured and unsung’: Britain's import surcharge, 1964–1966, and currency crisis management
Bibliographic record
Abstract
This article examines Britain's temporary import surcharge introduced in October 1964, a largely overlooked but significant dimension of the 1964 sterling crisis. Import surcharges (temporary supplementary tariff) were illegal under GATT rules and aroused fury among trading partners. Britain's surcharge is placed in context by consideration of the use of import surcharges by other countries under Bretton Woods as currency crisis management and balance of payments measures, notably Canada's import surcharge of 1962–3 that inspired Britain's. Developed by the Conservative administration from 1963, a 15 per cent surcharge was introduced by the newly elected Wilson government as a radical alternative to deflation or devaluation to help correct the record balance of payments deficit and meet the gathering sterling crisis. As a currency crisis management measure the surcharge worked in Canada but in Britain it made matters worse and was soon supplanted by conventional measures. Deemed a failure and discredited, the surcharge was eventually lifted in November 1966 ‘unwept, unhonoured and unsung’ (Financial Times). Nevertheless, while in place the surcharge provided significant temporary assistance to the improvement of Britain's balance of payments.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.003 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.002 | 0.004 |
| Science and technology studies | 0.001 | 0.002 |
| Scholarly communication | 0.002 | 0.001 |
| Open science | 0.000 | 0.001 |
| Research integrity | 0.001 | 0.001 |
| Insufficient payload (model declined to judge) | 0.002 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".