Quote:
Originally Posted by BRG75
Let’s not spin this into a political “hit job”
I totally agree with not making it political; but, yes, it wasn't easy with 20% + inflation. However, you also have to remember that salary increases were very much government controlled.
I think it might have been called phase 1, 2, 3 & 4.
The long and short of it was as an employee (like me) you had no alternative other than to change your job (employer) in order to get a half decent pay rise.
As an employer, you had to restructure the business, to keep your skilled / experienced staff.
I was fortunate to benefit from the later.
Regards,
Mike
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It was a dreadful time Mike - Callaghan had to go to the IMF and borrow the largest amount it had ever provided to a failing country. It’s a sobering thought that by any analysis- the U.K. was broke. The BoE had to withdraw from the Foreign Exchange Market.
The reality just how serious the financial crisis of 1976 was is now quite well documented. Thankfully Callaghan went with the IMF loan and accepted the death of Keynesian economics