What happened to the pound during Cripps' chancellorship in 1949?
It was devalued
It was revalued
It was replaced
It remained stable
Answer
The pound was devalued by 30% in 1949 under the chancellorship of Stafford Cripps, as a result of economic pressures after the Second World War. The move was unpopular with the public and led to a period of economic instability.
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