Operation ROBOT was an economic policy devised by HM Treasury

HM Treasury

HM Treasury, in full Her Majesty's Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the British government's public finance policy and economic policy...

 in 1952 under Chancellor of the Exchequer

Chancellor of the Exchequer

The Chancellor of the Exchequer is the title held by the British Cabinet minister who is responsible for all economic and financial matters. Often simply called the Chancellor, the office-holder controls HM Treasury and plays a role akin to the posts of Minister of Finance or Secretary of the...

 R. A. Butler

Rab Butler

Richard Austen Butler, Baron Butler of Saffron Walden, KG CH DL PC , who invariably signed his name R. A. Butler and was familiarly known as Rab, was a British Conservative politician...

 but which was never implemented. It was named after three of its civil servant advocates, Sir Leslie ROwan, Sir George BOlton and OTto Clarke.

During the winter of 1951-52 in Britain

United Kingdom

The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...

 there was anxiety over the balance of payments

Balance of payments

Balance of payments accounts are an accounting record of all monetary transactions between a country and the rest of the world.These transactions include payments for the country's exports and imports of goods, services, financial capital, and financial transfers...

 and the reduction of Britain's gold reserves. R. A. Butler, the Chancellor, advocated floating the exchange rate

Exchange rate

In finance, an exchange rate between two currencies is the rate at which one currency will be exchanged for another. It is also regarded as the value of one country’s currency in terms of another currency...

 and allowing sterling

Pound sterling

The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...

 to find its own level and to be convertible. Butler acknowledged that his proposals would end the Keynesian

Keynesian economics

Keynesian economics is a school of macroeconomic thought based on the ideas of 20th-century English economist John Maynard Keynes.Keynesian economics argues that private sector decisions sometimes lead to inefficient macroeconomic outcomes and, therefore, advocates active policy responses by the...

 full employment

Full employment

In macroeconomics, full employment is a condition of the national economy, where all or nearly all persons willing and able to work at the prevailing wages and working conditions are able to do so....

 policies of the previous twelve years but claimed that the burden would fall not on Britain's precarious gold reserves but on the exchange rate. British exports would become cheaper, imports would become more expensive, food prices would rise, as would the prices of raw materials and possibly unemployment would also rise under the scheme. Clarke claimed that a free exchange rate would be 'painful' but would impose severe discipline upon British industry because of its exposure to the world markets.

The most prominent of those who urged for its rejection were a Treasury under-secretary, E. R. Coplestone, and Lord Cherwell

Frederick Lindemann, 1st Viscount Cherwell

Frederick Alexander Lindemann, 1st Viscount Cherwell FRS PC CH was an English physicist who was an influential scientific adviser to the British government, particularly Winston Churchill...

, the Paymaster-General

Paymaster-General

HM Paymaster General is a ministerial position in the United Kingdom. The Paymaster General is in charge of the Office of HM Paymaster General , which held accounts at the Bank of England on behalf of Government departments and selected other public bodies...

. Cherwell argued that unemployment would rise to one million and inflation could increase if the plan was implemented. He also argued that it would be political suicide which would end in disaster. Both the Governor

Governor of the Bank of England

The Governor of the Bank of England is the most senior position in the Bank of England. It is nominally a civil service post, but the appointment tends to be from within the Bank, with the incumbent grooming his or her successor...

 (Lord Cobbold) and the deputy governor (Sir George Bolton) of the Bank of England

Bank of England

The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...

, as well as the Colonial Secretary

Secretary of State for the Colonies

The Secretary of State for the Colonies or Colonial Secretary was the British Cabinet minister in charge of managing the United Kingdom's various colonial dependencies....

 Oliver Lyttelton

Oliver Lyttelton, 1st Viscount Chandos

Oliver Lyttelton, 1st Viscount Chandos KG, PC, DSO, MC was a British businessman who was brought into government during the Second World War, holding a number of ministerial posts.-Background, education and military career:...

, were in favour of implementing it.

In February 1952 the Cabinet rejected it as too risky.