The drop in the pound is extremely surprising in view of the unanimous opinion of bankers, politicians and officials that the currency is undervalued. Capital will not invest in a country that does not meet its approval. In 1977, the Bank of England failed to get the Labour government to abolish its exchange controls. The partial gains from previous struggles still existed, and people had enough dignity not to accept any job offered or put up with an employer's authoritarian practices. By capital flight a rebellious population and a slightly radical government were brought to heel.
Business spends a lot of money to ensure that people accept the status quo.
This process has been going on for some time. Various institutions are used to get Big Business's message across, for example, the Joint Council on Economic Education, ostensibly a charitable organisation, funds economic education for teachers and provides books, pamphlets and films as teaching aids. The aim is to induce teachers to present corporations in an uncritical light to their students.