joined by US President Dwight D. Eisenhower for a live television debate, the first of its kind. Eisenhower was on a tour of Europe, and discussed the need for global peace, as well as the Anglo-US relationship. There were initial concerns from Labour that the broadcast would affect their chances at the next general election, but these were withdrawn and the broadcast went ahead as planned. 1960s After Labour defeated the Conservatives (then lead by Alec Douglas-Home) in the 1964 general election, the new Prime Minister Harold Wilson inherited a large deficit. Combined with a less-competitive economy, and a move away from using the pound as a reserve currency, the decision was taken in 1967 to reduce the exchange rate for the US dollar (which was at that time fixed) by 14% from $2.80 to $2.40 per pound. A statement was released on 18 November 1967 by Chancellor of the Exchequer James Callaghan explaining the reduction, as well as outlining a 2.5% rise in interest rates and cuts to the defence budget. The next day, Wilson made a televised broadcast to defend his decision, stating that: From now on, the pound abroad is worth 14% or so less in terms of other currencies. That doesn't mean, of course, that the pound here in Britain, in your pocket or purse or in your bank, has been devalued. Wilson was widely mocked for his statement, and met fierce opposition by parliamentarians, including members of his own cabinet, such as Callaghan (who resigned from his post soon after), and his deputy George Brown. Conservative leader Edward Heath later gave a reply, accusing the government of failing to safeguard the nation's money. 1970s Heath subsequently won the 1970 general election, but by 1973 he was facing constant industrial action by coal miners over pay. This led to measures to ration electricity, including implementing a three-day week. He was unable to resolve the mineworkers' dispute, and announced his intent to call a general election in a televised broadcast on 7 February 1974, stating: This time the strife has got to stop. Only you can stop it. It is time for you to speak, with your vote. Heath encouraged the mineworkers to pause the strike for the three-week campaign period, but he was not able to persuade them and they continued the strike as planned. Harold Wilson was re-elected at the February election, and agreed a