350. Editorial Note

On June 23, 1972, the British Government announced that temporarily it would permit the pound to float in relation to other currencies. This action represented a de facto devaluation of British currency in response to heavy pressures created by international currency speculators. British Prime Minister Edward Heath informed President Richard Nixon of his decision and the rationale and comment on its effect in messages of June 24 and 26. Copies are in the National Archives, Nixon Presidential Materials, NSC Files, Box 729, Country Files—Eu [Page 1029] rope, United Kingdom, Vol. VII. For documentation on the U.S. reaction, see Foreign Relations, 1969–1976, volume III, Foreign Economic Policy, 1969–1972; International Monetary Policy, 1969–1972, Documents 232 and 233.