Treasury paper for the Future Policy project, ‘Economic strength’, July 1959

Paper is an assessment of the relative strengths of the powers. “The UK [sic] influence and capacity for independent action has been greatly weakened in the last decade by the repeated sterling crises: if the UK could maintain a strong external financial position that would much improve its relative position within the West… UK is gradually getting relatively smaller (in population and productive power) both within the West and within the world. The maintenance of strong sterling is fundamental for the success of UK foreign policy and defence policy, partly because of the tremendous damage done to our political influence by sterling crises, and partly because sterling is the reserve currency for Asian and African under-developeds [sic].”

National Archives: DEFE23/67