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The crisis has some parallels with when the UK was trying and failing to maintain the exchange rate in the ERM. The government used foreign exchange reserves to try and keep value Pound within its target. Unlike , they were also deflating the economy with very high-interest rates.

The debt crisis of 1976 offers a vision of the blood, sweat and tears facing David Cameron

Inflation is caused by government printing cash to make up for over spending. This is not mentioned or the reasons why spending was high and was not cut. This would help in understanding why and how the crisis got so bad due to political pressures on the government who must have been under pressure to make no cuts despite an income crash. Actually that is not mentioned because it is not true. It created no inflation.


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And government spending creates cash. As anyone who knows basic macroeconomics will tell you. Some might argue that that spending should be offset by issuing government bonds. But not even that is actually necessary. It could simply be carried as a deficit like QE is.


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  • And this is exactly what Corbyn is proposing to do now. Borrow billions and billions to nationalise water energy and rail and take private contractors out of all public services including the NHS. You have twice above claimed Corbyn intends to borrow. Yet his last manifesto contained no such claim. Nor has he said that since. The Tories however made no such claim either but have increased their estimates of their own borrowing plans several times since.

    The British Labour Government and the 1976 IMF Crisis

    Labour always makes inflated claims. Gordon Brown gave deadlines for medical operations and treatments. This resulted in my dad, having his new knees done in a private hospital. I always congratulate Labour, for being the party who put the NHS into private hands! Sidney Cordle is correct. As one of those who lived through those times knows.

    I was in the Army and the only way to increase income to pay the increased interest rates was to get moon lighting jobs. We had the ludicrous situation that servicemen could claim benefit as they did not receive a living wage from HM govt, it was a rough time.

    Goodbye, Great Britain: The IMF Crisis - AbeBooks - Kathleen Burk:

    I lived through those times too. But my memories are different. For example I remember the ending of Bretton Woods and the subsequent removal of exchange controls creating massive volatility in sterling and balance of trade figures. I rather think those events had more influence on this crisis than anything else.

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    About The IMF Crisis of 1976 and British Politics

    Seller Inventory Seller Inventory ING Kathleen Burk. This specific ISBN edition is currently not available. View all copies of this ISBN edition:. Synopsis About this title In March the value of the British pound began to slide. Synopsis : On 4 March the value of the British pound against the US dollar began to slide in international markets. The consequent political crisis was fought out in private and in public, amongst members of the British Cabinet, the Labour party, the Treasury and the Bank of England.

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    The book also examines underlying economic factors, the political agenda, the rise of monetarist ideas and the Keynesian response. Juxtaposing narrative with analysis, it provides answers to critical questions and reveals how the breakdown of the post-war consensus on macroeconomic management paved the way for the triumph of Thatcherism. Buy New Learn more about this copy. About AbeBooks.

    The National Health Service Crisis, 1951 - Professor Vernon Bogdanor

    Customers who bought this item also bought. Stock Image. New Hardcover Quantity Available: Book Depository hard to find London, United Kingdom. Seller Rating:. Please note that ebooks are subject to tax and the final price may vary depending on your country of residence. The IMF crisis was a seminal event in modern British political and economic history. The seeds of the crisis were sown by the huge OPEC oil price shocks of leading to the potential meltdown of Britain's already weakened economy and seemingly confirming Britain's headlong decline as a major political and economic power.

    The government was seen as going 'cap in hand' to the International Monetary Fund IMF to head off disaster - an image which became a long-lasting political icon.