IDEAS home Printed from https://ideas.repec.org/h/pal/psitcp/978-1-137-36954-3_4.html
   My bibliography  Save this book chapter

The PSBR Takes Over, 1974–76

In: UK Monetary Policy from Devaluation to Thatcher, 1967–82

Author

Listed:
  • Duncan Needham

    (University of Cambridge)

Abstract

On 4 March 1974, Harold Wilson returned to Downing Street at the head of a minority Labour government.2 The economic prospects were not good. Despite the recession, inflation was at its highest peacetime level since 1920.3 Following the oil shock, the current account deficit was forecast at £4 billion (5 per cent of Gross Domestic Product [GDP]) for the year ahead, and continuing industrial action meant much of the country was on a three-day week. The next two and a half years were amongst the most turbulent in recent British economic history. Growth was anaemic, unemployment rose to levels not seen since the 1930s, inflation peaked at 26.9 per cent, and a sterling crisis precipitated yet another application to the International Monetary Fund (IMF).4

Suggested Citation

  • Duncan Needham, 2014. "The PSBR Takes Over, 1974–76," Palgrave Studies in the History of Finance, in: UK Monetary Policy from Devaluation to Thatcher, 1967–82, chapter 3, pages 78-108, Palgrave Macmillan.
    • Handle: RePEc:pal:psitcp:978-1-137-36954-3_4
    DOI: 10.1057/9781137369543_4
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:psitcp:978-1-137-36954-3_4. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.