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Decline to Fall: The Making of British Macro-economic Policy and the 1976 IMF Crisis

Author

Listed:
  • Wass, Douglas

    (Former Permanent Secretary to HM Treasury and Joint Head of the Civil Service)

Abstract

This book provides the first comprehensive and authoritative account of the events leading up to the UK seeking a massive loan from the IMF in 1976 which almost precipitated a financial crisis on a par with those of the 1930's and early post war period. Sir Douglas Wass, who was permanent Secretary to the Treasury at the time, provides a unique first hand account of the events that took place as the crisis unfolded and the decision-making process. Bringing unrivalled experience and knowledge of Whitehall to the narrative, he draws on recently released documents such as official Treasury minutes, memoranda, official statements and reports, IMF documents and blends them with his own assessment of this key period of policy making to provide a fascinating, blow-by-blow account of how the Treasury reacted when faced with a series of inter-locking crises. Decline to Fall will be a must read for anyone interested in the formulation of policy and the workings of government.

Suggested Citation

  • Wass, Douglas, 2008. "Decline to Fall: The Making of British Macro-economic Policy and the 1976 IMF Crisis," OUP Catalogue, Oxford University Press, number 9780199534746.
    • Handle: RePEc:oxp:obooks:9780199534746
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    Cited by:

    1. John Toye, 2011. "The International Monetary Fund and the World Bank," Chapters, in: Jonathan Michie (ed.), The Handbook of Globalisation, Second Edition, chapter 22, Edward Elgar Publishing.
    2. David James Gill, 2015. "Rating the UK: the British government's sovereign credit ratings, 1976–8," Economic History Review, Economic History Society, vol. 68(3), pages 1016-1037, August.
    3. Chris Rogers, 2013. "Crisis, Ideas, and Economic Policy-making in Britain during the 1970s Stagflation," New Political Economy, Taylor & Francis Journals, vol. 18(1), pages 1-20, February.
    4. Colin Thain, 2010. "Budget Reform in the United Kingdom: The Rocky Road to ‘Controlled Discretion'," Chapters, in: John Wanna & Lotte Jensen & Jouke de Vries (ed.), The Reality of Budgetary Reform in OECD Nations, chapter 3, Edward Elgar Publishing.
    5. Naef, Alain, 2022. "An Exchange Rate History of the United Kingdom, 1945–1992," SocArXiv hd76p, Center for Open Science.

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