Politics Today

[arthur]

I think we all need to be careful. For a country that run's it own currency it is near on impossible to go bankrupt. Also the mere suggestion our Debt position meant we where near bankruptcy in 1979 is just sheer nonsene.

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Nonsense that may be, but it didn't stop the odious Osborne saying that unless the UK underwent a period of austerity, our international credit rating was at risk of being the same as Greece's.

Much has been made of Johnson's propensity to lie. The only difference between him and Cameron/Osborne is that his lies are more blatant and less concealed by thick layers of smarm...

 

[MJP_Exeter]

Didn't we already have a command economy prior to the 70's?

How did Labour almost bankrupt the country?

Why is it 50 years on, people don't realise that since the John Major days we've gradually been increasing our debt and nothing has been done about it. It's been particularly bad in the last 12 years.

GDP Debt 97-02 went from 37% to 32% and then from 02-07 went from 32% to 37%. It then ballooned following the financial crisis

 

[Alistair20000]

Didn't we already have a command economy prior to the 70's?

How did Labour almost bankrupt the country?

Why is it 50 years on, people don't realise that since the John Major days we've gradually been increasing our debt and nothing has been done about it. It's been particularly bad in the last 12 years.

The Labour government of 1974/1979 presided over 26% p.a. inflation, out of control public spending leading to the ultimate humiliation of the Chancellor Denis Healey being hauled in front of the IMF to agree a series of deep expenditure cuts in return for a bail out loan, high unemployment, record strikes, confiscatory taxation that the rich avoided by buggering off abroad to more welcoming countries and finally dead bodies not being buried in the so called winter of discontent. Truly gruesome times.

 

[Oldsmobile-88]

Didn't we already have a command economy prior to the 70's?

How did Labour almost bankrupt the country?

Why is it 50 years on, people don't realise that since the John Major days we've gradually been increasing our debt and nothing has been done about it. It's been particularly bad in the last 12 years.

I can recommend this excellent book AU, one of the best I’ve read about the 1970s.Lots of anedodes from the major players of that time. It was published around 2005.

 

[Oldsmobile-88]

Just remembered whilst posting the above the Sterling Crisis in 1976. A huge international loan from the IMF was needed. The terms were onerous..Higher interest rates & a savage overnight cut in Public Spending which made the austerity cuts post 2010 seem like small beer..I can’t recall the exact amount but it was in the order of a 20-25% cut iirc.

 

[Alistair20000]

I can recommend this excellent book AU, one of the best I’ve read about the 1970s.Lots of anedodes from the major players of that time. It was published around 2005.

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A book that is too rose tinted for me as an accurate summary of the 70's and as Andy Beckett was born in 1969 he only lived through the decade as a child.

 

[Alistair20000]

Just remembered whilst posting the above the Sterling Crisis in 1976. A huge international loan from the IMF was needed. The terms were onerous..Higher interest rates & a savage overnight cut in Public Spending which made the austerity cuts post 2010 seem like small beer..I can’t recall the exact amount but it was in the order of a 20-25% cut iirc.

A short summary here.

The Cabinet Papers | Sterling devalued and the IMF loan

In 1973 Oil crisis saw increases in energy and commodity prices, the Bretton Woods system also came to an end, the world economy was in recession. In 1976 Britain faced financial crisis. This period of 'stagflation' was marked by high unemployment. Harold Wilson's government attempted to tackle...

www.nationalarchives.gov.uk

Recovery helped by control of inflation and public spending. Maybe Bunter and Sir Keith might read and learn.

 

[arthur]

The Labour government of 1974/1979 presided over 26% p.a. inflation, out of control public spending leading to the ultimate humiliation of the Chancellor Denis Healey being hauled in front of the IMF to agree a series of deep expenditure cuts in return for a bail out loan, high unemployment, record strikes, confiscatory taxation that the rich avoided by buggering off abroad to more welcoming countries and finally dead bodies not being buried in the so called winter of discontent. Truly gruesome times.

I think you'll find Anthony Barber had a lot to do with 1970s inflation IIRC

 

[IndoMike]

Just remembered whilst posting the above the Sterling Crisis in 1976. A huge international loan from the IMF was needed. The terms were onerous..Higher interest rates & a savage overnight cut in Public Spending which made the austerity cuts post 2010 seem like small beer..I can’t recall the exact amount but it was in the order of a 20-25% cut iirc.

The IMF intervened in Indonesia, too. They forced the Govt to implement Draconian measures that just made things worse, although the ensuing social unrest caused the downfall of Suharto.

 

[Alistair20000]

I think you'll find Anthony Barber had a lot to do with 1970s inflation IIRC

Yes art his policies may have lit the fire but the disastrous Labour Government that followed recklessly poured on the petrol even though it was in short supply and expensive.

My choice of the words “presided over” were carefully selected bearing in mind the initial Barber policy errors.