Originally Posted by spooky3
The IMF with all its world experts have warned that our present governments polices arnt working, but hey their just world renowned experts what do they know?
I can see it now. The UK faced with the humiliation of having to ask the IMF to bail it out and being saddled with heavy cuts in public expenditure and a 20% cut in the budget deficit (much as the Government is doing at the moment) as a precondition for the loan.
That was our situation in 1976 thanks to
"Crisis, what crisis?" Callaghan and his Labour government. It's hardly surprising that Thatcher was swept to power in 1979, especially after the winter of discontent.
The left wing of the Labour Party defeated the Public Expenditure White Paper in the Commons in March 1976. Subsequently, Harold Wilson resigned and James Callaghan took over as Prime Minister...
...The IMF crisis reinforced a change in policy orientation away from full employment and social welfare towards the control of inflation and expenditure.
What were you saying about the IMF again?