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" "...we do not contemplate taking any action to alter the rate of sterling in relation to other currencies, as we do not believe that this will be rendered necessary or advisable.
Sir Richard Stafford Cripps (24 April 1889 – 21 April 1952) was a British Labour Party politician, barrister, and diplomat. He served as British Ambassador to the Soviet Union at the beginning of World War II, and later joined Prime Minister Winston Churchill's war cabinet. He later served as President of the Board of Trade and Chancellor of the Exchequer under Prime Minister Clement Attlee.
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We must bring home to the people the seriousness of the country's present plight and the future problems that we face. We must convince them of their power to overcome all difficulties by common effort. We must draw out from people that courage and determination which have always been the hallmarks of the British character.
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The Government decided...to reduce the dollar exchange value of the pound sterling. In the last few days we have settled what the new rate should be and now I have to tell you of that decision; it is that in place of the present rate, fixed in 1946, of $4 3c. for the pound the rate will in future be $2 80c. to the pound.