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1976 sterling crisis

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126: 55: 24: 32: 2636: 2425: 116: 1522: 620: 144:'s 1972 budget which was designed to return the Conservatives to power in an election expected in 1974 or 1975. This budget led to a brief period growth known as "The Barber Boom," followed by a 268:, the Chancellor of the Exchequer at the time, went on to state that the main reason the loan had to be requested was that public sector borrowing requirement figures provided by the 233:, which only lasted a few months. In 1966, the year before it closed, 20% of all world oil cargo tonnage passed through the canal, with most of it heading north for Europe. 275:
The IMF loan meant that the United Kingdom's economy could be stabilised whilst drastic budget cuts were implemented. Despite the security provided by the loan, the
562: 588: 2514: 2588: 1757: 148:, high inflation and currency depreciation, culminating in the 1976 sterling crisis. Barber was forced to introduce anti-inflation measures, along with a 611: 455:
How Much Is That in Real Money? A Historical Price Index for Use as a Deflator of Money Values in the Economy of the United States: Addenda et Corrigenda
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The IMF Crisis of 1976 and British Politics: Keynesian Social Democracy, Monetarism and Economic Liberalism: the 1970s Struggle in British Politics
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Only half of the loan was actually drawn by the British government and it was repaid by 4 May 1979, the day after the general election.
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Wass, Douglas. Decline to Fall: The Making of British Macro-economic Policy and the 1976 IMF Crisis. Oxford University Press, 2008.
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How Much Is That in Real Money? A Historical Price Index for Use as a Deflator of Money Values in the Economy of the United States
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Ludlam, Steve. "The gnomes of Washington: Four myths of the 1976 IMF crisis." Political Studies 40.4 (1992): 713–727.
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in the United Kingdom. Inflation (at close to 25% in 1975, causing high bond yields and borrowing costs), a
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would soon lose value due to inflation. By June 1976, the pound had reached a record low against the
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Government borrowing for debt (10-year bond) increased to over 15% in the 1970s and early 1980s.
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The Politics of Economic Policy Making in Britain: A Re – assessment of the 1976 IMF Crisis
333: 40: 8: 2171: 1881: 1779: 1684: 1544: 1396: 1314: 1148: 973: 309: 291:. Some believe the sterling crisis and IMF bailout may have contributed significantly to 71: 1054: 658: 430: 184: 125: 2625: 1140: 1123: 1024: 868: 847: 826: 773: 722: 434: 426: 292: 276: 145: 96: 2530: 2105: 1620: 1615: 1031: 1003: 980: 912: 469: 449: 422: 410: 280: 230: 149: 107:. At the time this was the largest loan ever to have been requested from the IMF. 2400: 2065: 1915: 1750: 1596: 1552: 1451: 952: 862: 841: 249: 245: 176: 168: 130: 92: 79: 67: 1830: 1742: 1647: 1017: 996: 806: 699: 321: 237: 199: 141: 104: 2654: 2618: 1493: 1418: 1411: 1404: 1382: 1366: 1358: 1351: 1337: 1307: 1300: 1293: 1251: 1244: 1237: 1208: 1047: 1040: 966: 938: 195: 161: 1822: 1573: 1374: 945: 700:"Six-Day War | Definition, Causes, History, Summary, Outcomes, & Facts" 265: 2076: 1533: 1132: 989: 959: 315: 288: 269: 222: 187: 134: 54: 662: 646: 23: 215: 209: 31: 342:
shortly after the start of the "Six-Day War" or Third Arab–Israeli War
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Situation of prolonged doubt in the strength of Britain's currency
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camps, causing bitter rows inside the party and with the
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and embargo. Britain was an ally to Israel during the
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The origins of the crisis have been attributed to the
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Post-Napoleonic Irish grain price and land use shocks
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The British Labour Government and the 1976 IMF Crisis
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government had to borrow $ 3.9 billion from the
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British ally to Israel during Arab-Israeli Conflicts
544: 140:Initiation of the inflationary cycle is traced to 371:equivalent to $ 20.9 billion in 2023 dollars 2652: 348: – Rise of many commodity prices in the 70s 244:crossing the Suez Canal aiming to take back the 336: – Winter of 1978–79 in the United Kingdom 312: – Inflation that develops at a rapid pace 860: 354: – Economic policy proposed by Tony Benn, 2385: 2358:List of stock market crashes and bear markets 897: 818: 843:Good-bye, Great Britain: The 1976 IMF Crisis 644: 441: 87:1972 Conservative "spend for growth" budget 2392: 2378: 904: 890: 330:, other currency crises in British history 2179:2015–2016 Chinese stock market turbulence 227:occupied the Sinai Peninsula for 15 years 647:"Soviet Oil Politics and the Suez Canal" 468: 448: 404: 402: 124: 114: 53: 30: 22: 840:Kathleen Burk; Alec Cairncross (1992). 491:"Consumer Price Index (estimate) 1800–" 2676:Economic history of the United Kingdom 2653: 2084:Venezuelan banking crisis of 2009–2010 1854:South American economic crisis of 2002 1751:Black Wednesday (1992 Sterling crisis) 609: 408: 324: – Currency of the United Kingdom 305:Economic history of the United Kingdom 2373: 2135:2013 Chinese banking liquidity crisis 2091:2010–2014 Portuguese financial crisis 1567:Secondary banking crisis of 1973–1975 885: 784:from the original on 3 September 2017 741: 716: 626:from the original on 14 November 2016 619:. University of Warwick. p. 17. 565:from the original on 22 February 2014 489:Federal Reserve Bank of Minneapolis. 399: 340:Closure of the Suez Canal (1967–1975) 194:in March 1976 and the resignation of 2165:Russian financial crisis (2014–2016) 2018:2008–2011 Icelandic financial crisis 2011:2008–2009 Ukrainian financial crisis 1976:2000s U.S. housing market correction 1816:1998–2002 Argentine great depression 911: 555:"Sterling devalued and the IMF loan" 518:from the original on 11 January 2021 2458:1979 Scottish devolution referendum 2399: 2322:2023–2024 Egyptian financial crisis 2157:Puerto Rican government-debt crisis 2150:2014–2016 Brazilian economic crisis 1523:1963–1965 Indonesian hyperinflation 1426:Shanghai rubber stock market crisis 1115:Dutch Republic stock market crashes 809:. "1976 IMF Crisis." (1989): 39–45. 675: 225:of that year, when Israel took and 133:caused an increase in the price of 13: 2423: 2128:2012–2013 Cypriot financial crisis 2032:2008–2014 Spanish financial crisis 2004:2008–2009 Russian financial crisis 1997:2008–2009 Belgian financial crisis 1692:1988–1992 Norwegian banking crisis 1187:British credit crisis of 1772–1773 800: 754:from the original on 23 March 2019 279:had already begun separating into 198:, many investors became convinced 89:initiating the inflation cycle. 14: 2697: 2315:2023 United States banking crisis 2121:2011 Bangladesh share market scam 1809:1998–1999 Ecuador economic crisis 1773:Venezuelan banking crisis of 1994 1699:Japanese asset price bubble crash 1640:Souk Al-Manakh stock market crash 1390:Australian banking crisis of 1893 1194:Dutch Republic financial collapse 591:from the original on 7 March 2008 179:to withdraw temporarily from the 167:The crisis came to a head during 2635: 2634: 2463:1979 Welsh devolution referendum 1172:Amsterdam banking crisis of 1763 645:Klinghoffer, Arthur Jay (1975). 427:10.1111/j.1468-0270.2010.02028.x 248:from Israel. This triggered the 1897:2007 Chinese stock bubble crash 1223:Danish state bankruptcy of 1813 766: 742:Moran, Joe (4 September 2010). 735: 710: 692: 669: 638: 2278:Chinese property sector crisis 2186:2015–2016 stock market selloff 2114:August 2011 stock markets fall 2025:2008–2011 Irish banking crisis 1722:1990s Swedish financial crisis 1471:Weimar Republic hyperinflation 603: 577: 530: 504: 385: 365: 295:'s 1979 Conservative victory. 1: 2351:List of sovereign debt crises 2293:2022 Russian financial crisis 1990:2008 Latvian financial crisis 1983:U.S. bear market of 2007–2009 1861:Stock market downturn of 2002 1802:1998 Russian financial crisis 1655:1983 Israel bank stock crisis 819:Kevin Hickson (13 May 2005). 512:"Cabinet papers | IMF crisis" 378: 352:Alternative Economic Strategy 156:. The Conservatives lost the 2053:Greek government-debt crisis 1890:2004 Argentine energy crisis 1847:2001 Turkish economic crisis 1736:1990s Armenian energy crisis 1729:1990s Finnish banking crisis 1590:1976 British currency crisis 1560:1973–1974 stock market crash 825:. I.B.Tauris. pp. 14–. 483:American Antiquarian Society 463:American Antiquarian Society 7: 2681:International Monetary Fund 2209:2017 Sri Lankan fuel crisis 1875:2003 Myanmar banking crisis 1868:2002 Uruguay banking crisis 1788:1997 Asian financial crisis 1715:1991 Indian economic crisis 1707:Rhode Island banking crisis 1677:Cameroonian economic crisis 1463:Early Soviet hyperinflation 1076:Crisis of the Third Century 298: 219:closed down for eight years 101:International Monetary Fund 10: 2702: 2666:1976 in the United Kingdom 2589:1979 vote of no confidence 2240:Sri Lankan economic crisis 2098:Energy crisis in Venezuela 2077:2009 Dubai debt standstill 1927:2007–2008 financial crisis 1582:Latin American debt crisis 1345:Paris Bourse crash of 1882 259: 183:. After the defeat of the 110: 2686:History of pound sterling 2612: 2571: 2552: 2523: 2515:Cardiff South and Penarth 2497: 2471: 2450: 2434: 2421: 2407: 2331: 2308:2022 stock market decline 2300:Pakistani economic crisis 2286:2021–2023 inflation surge 2232:Lebanese liquidity crisis 2201:Venezuelan hyperinflation 2193:Brexit stock market crash 2142:Venezuela economic crisis 2064: 1914: 1904:Zimbabwean hyperinflation 1614: 1532: 1503: 1487:Wall Street Crash of 1929 1450: 1327:2nd Industrial Revolution 1325: 1261: 1161:1st Industrial Revolution 1159: 1086: 1064: 919: 846:. Yale University Press. 680:. Federal Reserve History 538:"UK – IMF Crisis of 1976" 393:"UK – IMF Crisis of 1976" 272:were grossly overstated. 2661:1976 in economic history 1969:Subprime mortgage crisis 1632:Brazilian hyperinflation 1604:Brazilian hyperinflation 1441:Financial crisis of 1914 1149:Mississippi bubble crash 774:"1976 government papers" 721:. Penguin. p. 432. 358: 2344:List of economic crises 2262:2020 stock market crash 2255:Financial market impact 2224:Turkish economic crisis 1839:9/11 stock market crash 1795:October 1997 mini-crash 1766:1994 bond market crisis 1758:Yugoslav hyperinflation 1669:Savings and loan crisis 1270:European potato failure 861:Mark D. Harmon (1997). 704:Encyclopedia Britannica 181:foreign exchange market 76:public-spending deficit 2479:Deputy leadership 1960 2428: 2337:List of banking crises 2106:Syrian economic crisis 2039:Blue Monday Crash 2009 1648:Chilean crisis of 1982 1479:Shōwa financial crisis 1285:Highland Potato Famine 1141:South Sea bubble crash 932:Commodity price shocks 717:Denis, Healey (1990). 678:"Oil Shock of 1973–74" 610:Rogers, Chris (2009). 409:Steele, G. R. (2010). 346:1970s commodities boom 137: 122: 59: 51: 28: 2427: 1662:Black Saturday (1983) 1516:Kennedy Slide of 1962 1088:Commercial revolution 559:The National Archives 514:. National Archives. 254:Arab–Israeli conflict 229:. That triggered the 158:1974 general election 128: 118: 58:GBP/USD exchange rate 57: 34: 26: 2584:Winter of Discontent 2579:1976 sterling crisis 2216:Ghana banking crisis 2046:European debt crisis 1831:Dot-com bubble crash 1743:Cuban Special Period 1202:Copper Panic of 1789 1107:The Great Debasement 1099:Great Bullion Famine 780:. 29 December 2006. 334:Winter of Discontent 64:1976 sterling crisis 27:UK inflation history 2604:Father of the House 2599:Resignation Honours 2553:Cultural depictions 2172:2015 Nepal blockade 1882:2000s energy crisis 1780:Mexican peso crisis 1685:Black Monday (1987) 1545:1970s energy crisis 1505:Post–WWII expansion 1179:Bengal bubble crash 974:Financial contagion 719:The Time of my Life 310:Galloping inflation 119:UK bonds 1960–2022 82:were contributors. 72:balance-of-payments 2510:Cardiff South East 2429: 1434:Panic of 1910–1911 1278:Great Irish Famine 1216:Panic of 1796–1797 1055:Stock market crash 676:Corbett, Michael. 185:public expenditure 138: 123: 60: 52: 49: UK Inflation 41:UK M4 Money Supply 29: 2648: 2647: 2626:Margaret Thatcher 2435:General elections 2367: 2366: 2248:COVID-19 pandemic 1133:Tulip mania crash 1124:Kipper und Wipper 1101:(c. 1400–c. 1500) 874:978-0-333-67818-3 832:978-1-85043-725-3 585:"BBC On This Day" 293:Margaret Thatcher 281:social democratic 240:was fought, with 175:, and caused the 164:'s Labour Party. 146:wage-price spiral 2693: 2671:Financial crises 2638: 2637: 2572:Related articles 2531:Audrey Callaghan 2394: 2387: 2380: 2371: 2370: 2360: 2353: 2346: 2339: 2324: 2317: 2310: 2303: 2295: 2288: 2281: 2271: 2264: 2257: 2250: 2243: 2235: 2227: 2219: 2211: 2204: 2196: 2188: 2181: 2174: 2167: 2160: 2152: 2145: 2137: 2130: 2123: 2116: 2109: 2101: 2093: 2086: 2079: 2055: 2048: 2041: 2034: 2027: 2020: 2013: 2006: 1999: 1992: 1985: 1978: 1971: 1964: 1957: 1950: 1943: 1936: 1929: 1907: 1899: 1892: 1885: 1877: 1870: 1863: 1856: 1849: 1842: 1834: 1826: 1818: 1811: 1804: 1797: 1790: 1783: 1775: 1768: 1761: 1753: 1746: 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J. 446: 442: 407: 400: 391: 390: 386: 381: 376: 375: 370: 366: 361: 328:Sterling crisis 301: 262: 250:1973 oil crisis 246:Sinai Peninsula 212: 177:Bank of England 169:James Callaghan 131:1973 oil crisis 120: 113: 93:James Callaghan 80:1973 oil crisis 68:currency crisis 50: 46: 44: 36: 19: 12: 11: 5: 2699: 2689: 2688: 2683: 2678: 2673: 2668: 2663: 2646: 2645: 2643: 2642: 2631: 2630: 2622: 2613: 2610: 2609: 2607: 2606: 2601: 2596: 2591: 2586: 2581: 2575: 2573: 2569: 2568: 2566: 2565: 2556: 2554: 2550: 2549: 2547: 2546: 2540: 2534: 2527: 2525: 2521: 2520: 2518: 2517: 2512: 2507: 2501: 2499: 2498:Constituencies 2495: 2494: 2492: 2491: 2486: 2481: 2475: 2473: 2469: 2468: 2466: 2465: 2460: 2454: 2452: 2448: 2447: 2445: 2444: 2438: 2436: 2432: 2431: 2422: 2420: 2418: 2417: 2411: 2409: 2405: 2404: 2397: 2396: 2389: 2382: 2374: 2365: 2364: 2362: 2361: 2354: 2347: 2340: 2332: 2329: 2328: 2326: 2325: 2318: 2311: 2304: 2302:(2022–present) 2296: 2289: 2282: 2280:(2020–present) 2274: 2273: 2272: 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1571: 1568: 1564: 1561: 1557: 1554: 1550: 1546: 1542: 1541: 1539: 1535: 1531: 1524: 1520: 1517: 1513: 1512: 1510: 1506: 1502: 1495: 1494:Panic of 1930 1491: 1488: 1484: 1480: 1476: 1472: 1468: 1464: 1460: 1459: 1457: 1453: 1449: 1442: 1438: 1435: 1431: 1427: 1423: 1420: 1419:Panic of 1907 1416: 1413: 1412:Panic of 1901 1409: 1406: 1405:Panic of 1896 1402: 1398: 1394: 1391: 1387: 1384: 1383:Panic of 1893 1380: 1376: 1372: 1368: 1367:Baring crisis 1364: 1360: 1359:Arendal crash 1356: 1353: 1352:Panic of 1884 1349: 1346: 1342: 1339: 1338:Panic of 1873 1335: 1334: 1332: 1328: 1324: 1316: 1312: 1309: 1308:Panic of 1866 1305: 1302: 1301:Panic of 1857 1298: 1295: 1294:Panic of 1847 1291: 1286: 1282: 1279: 1275: 1274: 1271: 1267: 1266: 1264: 1260: 1253: 1252:Panic of 1837 1249: 1246: 1245:Panic of 1825 1242: 1239: 1238:Panic of 1819 1235: 1231: 1227: 1224: 1220: 1217: 1213: 1210: 1209:Panic of 1792 1206: 1203: 1199: 1195: 1191: 1188: 1184: 1180: 1176: 1173: 1169: 1168: 1166: 1162: 1158: 1150: 1146: 1142: 1138: 1134: 1130: 1126: 1125: 1120: 1116: 1112: 1108: 1104: 1100: 1096: 1095: 1093: 1089: 1085: 1077: 1073: 1072: 1070: 1068: 1063: 1056: 1052: 1049: 1048:Social crisis 1045: 1042: 1041:Minsky moment 1038: 1033: 1029: 1026: 1022: 1019: 1015: 1012: 1008: 1007: 1005: 1001: 998: 994: 991: 987: 982: 978: 977: 975: 971: 968: 967:Energy crisis 964: 961: 957: 954: 950: 947: 943: 940: 939:Credit crunch 936: 933: 929: 926: 922: 921: 918: 914: 907: 902: 900: 895: 893: 888: 887: 884: 876: 870: 867:. Macmillan. 866: 865: 859: 855: 853:0-300-05728-8 849: 845: 844: 838: 834: 828: 824: 823: 817: 814: 811: 808: 805: 804: 783: 779: 775: 769: 753: 749: 745: 738: 730: 724: 720: 713: 705: 701: 695: 679: 672: 664: 660: 656: 652: 648: 641: 622: 615: 614: 606: 590: 586: 580: 564: 560: 556: 550: 548: 539: 533: 517: 513: 507: 492: 484: 477: 476: 471: 464: 457: 456: 451: 444: 436: 432: 428: 424: 420: 416: 412: 405: 403: 394: 388: 384: 368: 364: 353: 350: 347: 344: 341: 338: 335: 332: 329: 326: 323: 320: 317: 314: 311: 308: 306: 303: 302: 296: 294: 290: 289:trades unions 286: 282: 278: 273: 271: 267: 257: 255: 251: 247: 243: 239: 236:In 1973, the 234: 232: 228: 224: 220: 217: 214:In 1967, the 207: 205: 201: 197: 196:Harold Wilson 193: 189: 186: 182: 178: 174: 170: 165: 163: 162:Harold Wilson 159: 155: 151: 147: 143: 136: 132: 127: 117: 108: 106: 102: 98: 94: 90: 88: 83: 81: 77: 73: 69: 65: 56: 42: 33: 25: 21: 16: 2624: 2617: 2578: 2564:(Play, 2013) 2561:The Audience 2559: 2545:(son-in-law) 2537:Margaret Jay 1941:October 2008 1823:Samba effect 1679:(1987–2000s) 1589: 1574:Steel crisis 1397:Black Monday 1375:Encilhamento 1315:Black Friday 1122: 1078:(235–284 CE) 946:Credit cycle 863: 842: 821: 786:. 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Retrieved 474: 454: 443: 421:(3): 79–81. 418: 414: 387: 367: 277:Labour Party 274: 266:Denis Healey 263: 235: 213: 166: 139: 91: 84: 63: 61: 20: 15: 2594:1979 budget 2408:Premiership 2218:(2017–2018) 2203:(2016–2022) 2159:(2014–2022) 1919:(2007–2009) 1884:(2003–2008) 1833:(2000–2004) 1782:(1994–1996) 1760:(1992–1994) 1745:(1991–2000) 1709:(1990–1992) 1701:(1990–1992) 1671:(1986–1995) 1634:(1982–1994) 1624:(1982–2007) 1606:(1980–1982) 1584:(1975–1982) 1576:(1973–1982) 1547:(1973–1980) 1537:(1973–1982) 1508:(1945–1973) 1473:(1921–1923) 1465:(1917–1924) 1455:(1918–1939) 1377:(1890–1893) 1330:(1870–1914) 1272:(1845–1856) 1232:(1815–1816) 1181:(1769–1784) 1164:(1760–1840) 1127:(1621–1623) 1109:(1544–1551) 1091:(1000–1760) 990:Flash crash 960:Debt crisis 788:24 December 630:17 December 595:17 December 569:17 December 522:17 December 496:29 February 467:1700–1799: 447:1634–1699: 316:Stagflation 223:Six-Day War 188:white paper 171:'s term as 135:Brent Crude 74:deficit, a 2655:Categories 2539:(daughter) 1011:Accounting 379:References 216:Suez Canal 78:, and the 2543:Peter Jay 2451:Referenda 2415:1976–1979 2269:Recession 1262:1840–1870 684:27 August 435:152522190 285:socialist 283:and more 154:Pay Board 43:Increases 2640:Category 925:Bank run 782:Archived 778:BBC News 758:23 March 752:Archived 663:40394822 621:Archived 589:Archived 563:Archived 516:Archived 472:(1992). 452:(1997). 322:Sterling 299:See also 270:Treasury 200:sterling 105:sterling 2629: → 2616:←  1025:Funding 1018:Capital 260:Outcome 190:in the 111:History 2533:(wife) 2524:Family 2195:(2016) 1841:(2001) 1825:(1999) 1642:(1982) 1481:(1927) 1428:(1910) 1399:(1894) 1369:(1890) 1361:(1886) 1317:(1869) 1151:(1720) 1143:(1720) 1135:(1637) 1032:Market 871:  850:  829:  725:  661:  433:  204:dollar 152:and a 97:Labour 66:was a 47:  39:  37:  659:JSTOR 624:(PDF) 617:(PDF) 479:(PDF) 459:(PDF) 431:S2CID 359:Notes 242:Egypt 2442:1979 1962:2009 1067:1000 1065:Pre- 869:ISBN 848:ISBN 827:ISBN 790:2015 760:2019 723:ISBN 686:2022 632:2015 597:2015 571:2015 524:2015 498:2024 129:The 62:The 423:doi 160:to 95:'s 2657:: 776:. 750:. 746:. 702:. 655:31 653:. 649:. 561:. 557:. 546:^ 481:. 461:. 429:. 419:30 417:. 413:. 401:^ 206:. 2393:e 2386:t 2379:v 1618:/ 905:e 898:t 891:v 877:. 856:. 835:. 792:. 762:. 731:. 706:. 688:. 665:. 634:. 599:. 573:. 540:. 526:. 500:. 485:. 465:. 437:. 425:: 395:.

Index



UK M4 Money Supply

currency crisis
balance-of-payments
public-spending deficit
1973 oil crisis
1972 Conservative "spend for growth" budget
James Callaghan
Labour
International Monetary Fund
sterling


1973 oil crisis
Brent Crude
Anthony Barber
wage-price spiral
Price Commission
Pay Board
1974 general election
Harold Wilson
James Callaghan
Prime Minister
Bank of England
foreign exchange market
public expenditure
white paper
House of Commons

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