Alternatives to devaluation

Sir,
It is a difficult to fault the reasoning of Ernest E. Conklin in last week’s Sunday Mail (‘Devaluation: the rest of the story’) and I am old enough to have laughed at Harold Wilson’s assertion that ‘the pound in your pocket is not devalued’ when he followed the devaluation path.

However, the Cyprus government has already used the tax amnesty, so what alternative does Mr Conklin suggest? One possible move would be to transfer our European Union membership to a sub-membership of France. We could then throw pound notes at various farming groups and hand several sackfuls to Cyprus Airways without bothering about the effect of the stability pact and its unpleasant constraints on our economy.

Maurice Sokel, Paphos