James Callaghan held a number of key cabinet posts in labour governments between 1964 and 1979 ? Chancellor of the Exchequer, Home Secretary, Foreign Secretary and Prime Minister. Callaghan died in March 2005. This clip is from when he was Chancellor of the Exchequer and had been to an IMF meeting at a time when the British economy was weak and the pound was regularly under threat. Devaluation eventually came in November 1967. The IMF (International Monetary Fund) was created In Bretton Woods, USA in 1944 by the U.S. and 43 allies as a critical element in the US led Western post-world war II alliance. The organisation was designed to foster monetary co-operation and the IMF sought to enforce strict rules of behaviour in a world based on the gold standard and fixed currency-exchange rates.

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