Fromnowonthepound abroad isworth14 percentorso less in terms of other currencies. That does not mean, of course, thatthepound here in Britaininyour pocket or purse, or in your bankhas been devalued.
The mark of a single currency is not only that all other currencies must be extinguished but that the capacity of other institutions to issue currencies must also be extinguished...In the case of the United Kingdom, that would involve Parliament binding its successors in a way that it has hitherto regarded as unconstitutional.norman tebbit
From now on, the pound abroad is worth 14 per cent or so less in terms of other currencies. That doesn't mean, of course, that the Pound here in Britain, in your pocket or purse or in your bank, has been devalued.harold wilson