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achieved argued balance of payments Bank of England borrowing requirement British economy British industry capital cent CEPG changes competitive exchange rate control the money countries currency decline deflation demand deposits devaluation domestic economic growth economic policy effect expansion fall figures foreign Germany higher import controls improvement increase inflation rate inflationary interest rates international competitiveness international monetarists internationally traded investment less manufacturing industry margin measures ment monetarism monetarist theory monetary policy money supply North Sea oil output overseas overvalued exchange rate period price competitiveness private sector problems productivity profitability PSBR public sector purchasing power parity rate of growth rate of inflation real economy real exchange rate real wages reduce relative export prices result rise share of world Sterling M3 strategy substantial success tariff terms of trade Terry Burns trade in manufactures trade unions traded goods sector transmission mechanism Treasury unemployment unit labour costs world trade
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