Politics and Economic Shocks: From the IMF Crisis to the Mini-Budget
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About
On 28 September 1976, Chancellor Denis Healey was at Heathrow Airport preparing to fly to an international summit. Instead of boarding the plane, he had to turn round and return to London to negotiate a loan from the IMF – the largest it had ever made at that time – to meet an escalating sterling crisis. The loan came with stern conditions, requiring cuts to the budget, and the charge that Britain had gone ‘cap in…
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