A conference season overshadowed by a plunging pound, a run on government debt and frightening talk of the IMF. No, not 2022 but 1976. In the departure lounge at Heathrow, on his way to a meeting of world finance ministers, chancellor Denis Healey heard of the latest market turmoil, plonked down his G&T and darted back to Whitehall—to apply for a huge bailout loan.
The ensuing crisis, political as much as economic, was foreshadowed by many of the same problems we have today: rampant inflation, a government deep in the red, a stubborn national overdraft on the Balance…
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