From: Ray Davies
In response to Hugh Ball letter (February 8) regarding the low point of the UK economy was nothing to do with this county joining the EEC, there are some factors which should be considered.
In December 1972 the Pound was worth $2.50.
This country joined the EEC 1st January 1973 and immediately the Pound started to fall and continued to fall till 1976.
For the first time in its history, the Pound fell below $2.00.
By 1977 the Pound was worth $1.80.
The government had to go cap in hand to the IMF to bail the country out of the economic disaster the country was facing.
The IMF forced the country to make cut backs.
Among the cut backs were terminating free school milk and the delay in upping the school leaving age from 15 to 16.
The application to join the EEC was only accepted because Ted Heath was prepared to hand over the controlling rights of the common agriculture policy(CAP) and our fishing rights (CFP) to the EEC.
The result was to decimate our fishing industry.
Because of EEC regulations and the increase in prices for essential commodities such as food clothing and fuel.
Remember the butter mountains, the beef mountains, the wine lakes?
The results of this lead to labour unrest and strikes for more money to combat the ever rise in the cost of living.
The last straw was the threat to the mining industry in 1974.
The strike by the miners forced Ted Heath to impose the three day working week, and consequently a general election in 1974.
When calling for the general election, Heath went to the country saying, “who runs this country”?
The ironic thing was Heath had handed over massive controls of this country to the EEC.
Heath lost the election and Harold Wilson won it on the promise that the people could have a referendum to either leave the EEC or remain.
Wilson claimed that he had renegotiated the terms of our membership, which proved to be untrue.
The Leave side had little money and were politically split between left and right.
The remain side was backed by the Labour government, the Tory party, big business and the European Commission.
The result was an over whelming vote to remain.
So far membership has cost this country £589 billion net, and the Pound continues to fall.
Can leaving without a deal be any worse?