IMF Crisis and Winter of Discontent

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When did the IMF Crisis occur?
1976
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What is the IMF?
International Monetary Fund.
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What do Labour government have to do in 1976?
Apply for an IMF loan of nearly $4 billion.
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Why did they have to do this?
Inflation was at 25% in 1975 and unemployment was rising to 1.6 million.
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What did the IMF negotiators demand in order for the loan?
Heavy cuts in public expendature and budget as a precaution.
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What happened as a result of refusing the loan?
Run on the Pound.
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When did the Winter of Discontent occur?
1979
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How many strikes occured this year?
4583
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Who went on strike and why?
4 major public service unions. Partially caused by Healey's high taxation in 1975 budget but also due to the governments attempt to impose a 5% pay ceiling.
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What happened as a result of the strike?
PM Jim Callaghan was given a vote of no confiedence and he resigned.
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Other cards in this set

Card 2

Front

What is the IMF?

Back

International Monetary Fund.

Card 3

Front

What do Labour government have to do in 1976?

Back

Preview of the front of card 3

Card 4

Front

Why did they have to do this?

Back

Preview of the front of card 4

Card 5

Front

What did the IMF negotiators demand in order for the loan?

Back

Preview of the front of card 5
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