The state of the economy in 1976

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The state of the economy in 1976

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In 1976 Britain faced an economic crisis, which culminated in the autumn of that year. Faced with this, the new Prime Minister James Callaghan sought help from the International Monetary Fund, which led to long negotiations around the conditions required by the International Monetary Fund. As part of this process, the government had to contemplate other options in case the talks with the International Monetary Fund broke down.

In April 1976, the Cabinet Secretary put together a briefing note for James Callaghan when he became Prime Minister. This document sets out the major domestic issues the government was facing at the time.

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