The economy had been booming as a result of the expansionary measures taken in the run-up to the 1959 General Election, with consequent risk to inflation. Furthermore, the balance of payments was moving into deficit, with Britain's share of world manufacturing falling dramatically as continental Europe, now grouped into the EEC, recovered from the effects of the war. In 1960 Britain suffered the worst balance of payments crisis since 1950, masked a little by the inflow of foreign money into London. The Treasury was already somewhat discredited. Bank Rate had already been raised to 6% by Lloyd's predecessor Heathcote Amory in June. Soon after his appointment, Lloyd asked Treasury economic advisor Robert Hall (29 July 1960) "how soon we were going bust". On 16 March 1961 Lloyd wrote to Macmillan complaining that No 10 was briefing the press than Macmillan was in real charge of economic policy, and indeed policy in other areas. Also the German Deutschmark was revalued by 5% in March 1961, leading to worries that the pound sterling might crash in the summer of 1961.