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class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><p class="mw-empty-elt"> </p> <div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Situation of prolonged doubt in the strength of Britain's currency</div> <p class="mw-empty-elt"> </p> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Uk_inflation_history.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Uk_inflation_history.webp/300px-Uk_inflation_history.webp.png" decoding="async" width="300" height="103" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Uk_inflation_history.webp/450px-Uk_inflation_history.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/73/Uk_inflation_history.webp/600px-Uk_inflation_history.webp.png 2x" data-file-width="3394" data-file-height="1169" /></a><figcaption>UK inflation history</figcaption></figure> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Uk_m4_and_inflation.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/58/Uk_m4_and_inflation.webp/300px-Uk_m4_and_inflation.webp.png" decoding="async" width="300" height="103" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/58/Uk_m4_and_inflation.webp/450px-Uk_m4_and_inflation.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/58/Uk_m4_and_inflation.webp/600px-Uk_m4_and_inflation.webp.png 2x" data-file-width="1431" data-file-height="492" /></a><figcaption> <style data-mw-deduplicate="TemplateStyles:r981673959">.mw-parser-output .legend{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .legend-color{display:inline-block;min-width:1.25em;height:1.25em;line-height:1.25;margin:1px 0;text-align:center;border:1px solid black;background-color:transparent;color:black}.mw-parser-output .legend-text{}</style><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#4572A7 solid 4px;"> </span> <a href="/wiki/Money_Supply#United_Kingdom" class="mw-redirect" title="Money Supply">UK M4 Money Supply</a> Increases</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#AA4643 solid 4px;"> </span> UK Inflation</div> </figcaption></figure> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:GBP-USD_exchange_rate.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fe/GBP-USD_exchange_rate.webp/300px-GBP-USD_exchange_rate.webp.png" decoding="async" width="300" height="83" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fe/GBP-USD_exchange_rate.webp/450px-GBP-USD_exchange_rate.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fe/GBP-USD_exchange_rate.webp/600px-GBP-USD_exchange_rate.webp.png 2x" data-file-width="5075" data-file-height="1405" /></a><figcaption>GBP/USD exchange rate</figcaption></figure> <p>The <b>1976 sterling crisis</b> was a <a href="/wiki/Currency_crisis" title="Currency crisis">currency crisis</a> in the United Kingdom. Inflation (at close to 25% in 1975, causing high bond yields and borrowing costs), a <a href="/wiki/Balance_of_payments" title="Balance of payments">balance-of-payments</a> deficit, a <a href="/wiki/Government_budget_balance" title="Government budget balance">public-spending deficit</a>, and the <a href="/wiki/1973_oil_crisis" title="1973 oil crisis">1973 oil crisis</a> were contributors.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>The origins of the crisis have been attributed to the <a href="/wiki/1972_United_Kingdom_budget" title="1972 United Kingdom budget">1972 Conservative "spend for growth" budget</a> initiating the inflation cycle.<sup id="cite_ref-Steele_2-0" class="reference"><a href="#cite_note-Steele-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/James_Callaghan" title="James Callaghan">James Callaghan</a>'s <a href="/wiki/Labour_Party_(UK)" title="Labour Party (UK)">Labour</a> government had to borrow $3.9 billion<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>a<span class="cite-bracket">]</span></a></sup> from the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> (IMF),<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> with the intention of maintaining the value of <a href="/wiki/Pound_sterling" title="Pound sterling">sterling</a>.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> At the time this was the largest loan ever to have been requested from the IMF.<sup id="cite_ref-NA-SterlingDevalued_7-0" class="reference"><a href="#cite_note-NA-SterlingDevalued-7"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1976_sterling_crisis&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Uk_bonds.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/4/41/Uk_bonds.webp/300px-Uk_bonds.webp.png" decoding="async" width="300" height="103" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/41/Uk_bonds.webp/450px-Uk_bonds.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/41/Uk_bonds.webp/600px-Uk_bonds.webp.png 2x" data-file-width="1431" data-file-height="493" /></a><figcaption>UK bonds 1960–2022 <br /> Government borrowing for debt (10-year bond) increased to over 15% in the 1970s and early 1980s.</figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Crude-oil-price-history-chart-2022.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c8/Crude-oil-price-history-chart-2022.webp/220px-Crude-oil-price-history-chart-2022.webp.png" decoding="async" width="220" height="160" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c8/Crude-oil-price-history-chart-2022.webp/330px-Crude-oil-price-history-chart-2022.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c8/Crude-oil-price-history-chart-2022.webp/440px-Crude-oil-price-history-chart-2022.webp.png 2x" data-file-width="871" data-file-height="635" /></a><figcaption>The <a href="/wiki/1973_oil_crisis" title="1973 oil crisis">1973 oil crisis</a> caused an increase in the price of <a href="/wiki/Brent_Crude" title="Brent Crude">Brent Crude</a></figcaption></figure> <p>Initiation of the inflationary cycle is traced to <a href="/wiki/Anthony_Barber" title="Anthony Barber">Anthony Barber</a>'s 1972 budget which was designed to return the Conservatives to power in an election expected in 1974 or 1975. This budget led to a brief period growth known as "The Barber Boom," followed by a <a href="/wiki/Wage-price_spiral" title="Wage-price spiral">wage-price spiral</a>, high inflation and currency depreciation, culminating in the 1976 sterling crisis.<sup id="cite_ref-Steele_2-1" class="reference"><a href="#cite_note-Steele-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Barber was forced to introduce anti-inflation measures, along with a <a href="/wiki/Price_Commission" title="Price Commission">Price Commission</a> and a <a href="/wiki/Pay_Board" class="mw-redirect" title="Pay Board">Pay Board</a>. The Conservatives lost the <a href="/wiki/October_1974_United_Kingdom_general_election" title="October 1974 United Kingdom general election">1974 general election</a> to <a href="/wiki/Harold_Wilson" title="Harold Wilson">Harold Wilson</a>'s Labour Party. </p><p>The crisis came to a head during <a href="/wiki/James_Callaghan" title="James Callaghan">James Callaghan</a>'s term as <a href="/wiki/Prime_Minister_of_the_United_Kingdom" title="Prime Minister of the United Kingdom">Prime Minister</a>,<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> and caused the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a> to withdraw temporarily from the <a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">foreign exchange market</a>.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> After the defeat of the <a href="/wiki/Public_expenditure" class="mw-redirect" title="Public expenditure">public expenditure</a> <a href="/wiki/White_paper" title="White paper">white paper</a> in the <a href="/wiki/House_of_Commons_of_the_United_Kingdom" title="House of Commons of the United Kingdom">House of Commons</a> in March 1976 and the resignation of <a href="/wiki/Harold_Wilson" title="Harold Wilson">Harold Wilson</a>, many investors became convinced <a href="/wiki/Pound_sterling" title="Pound sterling">sterling</a> would soon lose value due to inflation. By June 1976, the pound had reached a record low against the <a href="/wiki/US_Dollar" class="mw-redirect" title="US Dollar">dollar</a>.<sup id="cite_ref-NA-SterlingDevalued_7-1" class="reference"><a href="#cite_note-NA-SterlingDevalued-7"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="British_ally_to_Israel_during_Arab-Israeli_Conflicts">British ally to Israel during Arab-Israeli Conflicts</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1976_sterling_crisis&action=edit&section=2" title="Edit section: British ally to Israel during Arab-Israeli Conflicts"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 1967, the <a href="/wiki/Suez_Canal" title="Suez Canal">Suez Canal</a> <a href="/wiki/Closure_of_the_Suez_Canal_(1967%E2%80%931975)" title="Closure of the Suez Canal (1967–1975)">closed down for eight years</a> following the <a href="/wiki/Six-Day_War" title="Six-Day War">Six-Day War</a> of that year, when Israel took and <a href="/wiki/Israeli_occupation_of_the_Sinai_Peninsula" title="Israeli occupation of the Sinai Peninsula">occupied the Sinai Peninsula for 15 years</a>. That triggered the <a href="/wiki/1967_Oil_Embargo" title="1967 Oil Embargo">1967 Oil Embargo</a>, which only lasted a few months. In 1966, the year before it closed, 20% of all world oil cargo tonnage passed through the canal,<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (September 2022)">citation needed</span></a></i>]</sup> with most of it heading north for Europe. </p><p>In 1973, the <a href="/wiki/Yom_Kippur_War" title="Yom Kippur War">Yom Kippur War</a> was fought, with <a href="/wiki/Egypt" title="Egypt">Egypt</a> crossing the Suez Canal aiming to take back the <a href="/wiki/Sinai_Peninsula" title="Sinai Peninsula">Sinai Peninsula</a> from Israel. This triggered the <a href="/wiki/1973_oil_crisis" title="1973 oil crisis">1973 oil crisis</a> and embargo. Britain was an ally to Israel during the <a href="/wiki/Arab%E2%80%93Israeli_conflict" title="Arab–Israeli conflict">Arab–Israeli conflict</a>.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> The oil crisis presented a severe economic shock to Britain, which it was ill-placed to withstand.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Outcome">Outcome</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1976_sterling_crisis&action=edit&section=3" title="Edit section: Outcome"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Only half of the loan was actually drawn by the British government and it was repaid by 4 May 1979,<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> the day after the general election. <a href="/wiki/Denis_Healey" title="Denis Healey">Denis Healey</a>, the Chancellor of the Exchequer at the time, went on to state that the main reason the loan had to be requested was that public sector borrowing requirement figures provided by the <a href="/wiki/HM_Treasury" title="HM Treasury">Treasury</a> were grossly overstated.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>The IMF loan meant that the United Kingdom's economy could be stabilised whilst drastic budget cuts were implemented. Despite the security provided by the loan, the <a href="/wiki/Labour_Party_(UK)" title="Labour Party (UK)">Labour Party</a> had already begun separating into <a href="/wiki/Social_democracy" title="Social democracy">social democratic</a> and more <a href="/wiki/Socialism" title="Socialism">socialist</a> camps, causing bitter rows inside the party and with the <a href="/wiki/Trade_union" title="Trade union">trades unions</a>. Some believe the sterling crisis and IMF bailout may have contributed significantly to <a href="/wiki/Margaret_Thatcher" title="Margaret Thatcher">Margaret Thatcher</a>'s 1979 Conservative victory.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1976_sterling_crisis&action=edit&section=4" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Economic_history_of_the_United_Kingdom" title="Economic history of the United Kingdom">Economic history of the United Kingdom</a></li> <li><a href="/wiki/Galloping_inflation" title="Galloping inflation">Galloping inflation</a> – Inflation that develops at a rapid pace</li> <li><a href="/wiki/Stagflation" title="Stagflation">Stagflation</a> – High inflation, low economic growth, and high unemployment</li> <li><a href="/wiki/Pound_sterling" title="Pound sterling">Sterling</a> – Currency of the United Kingdom</li> <li><a href="/wiki/Sterling_crisis_(disambiguation)" class="mw-redirect mw-disambig" title="Sterling crisis (disambiguation)">Sterling crisis</a>, other currency crises in British history</li> <li><a href="/wiki/Winter_of_Discontent" title="Winter of Discontent">Winter of Discontent</a> – Winter of 1978–79 in the United Kingdom</li> <li><a href="/wiki/Closure_of_the_Suez_Canal_(1967%E2%80%931975)" title="Closure of the Suez Canal (1967–1975)">Closure of the Suez Canal (1967–1975)</a> shortly after the start of the "Six-Day War" or Third Arab–Israeli War</li> <li><a href="/wiki/1970s_commodities_boom" title="1970s commodities boom">1970s commodities boom</a> – Rise of many commodity prices in the 70s</li> <li><a href="/wiki/Alternative_Economic_Strategy" title="Alternative Economic Strategy">Alternative Economic Strategy</a> – Economic policy proposed by Tony Benn,</li></ul> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1976_sterling_crisis&action=edit&section=5" title="Edit section: Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-lower-alpha"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text">equivalent to $20.9 billion in 2023<sup id="cite_ref-inflation-US_3-0" class="reference"><a href="#cite_note-inflation-US-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> dollars</span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1976_sterling_crisis&action=edit&section=6" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239543626"><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.economicshelp.org/blog/132993/economics/uk-imf-crisis-of-1976/">"UK – IMF Crisis of 1976"</a>. 6 October 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=UK+%E2%80%93+IMF+Crisis+of+1976&rft.date=2022-10-06&rft_id=https%3A%2F%2Fwww.economicshelp.org%2Fblog%2F132993%2Feconomics%2Fuk-imf-crisis-of-1976%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1976+sterling+crisis" class="Z3988"></span></span> </li> <li id="cite_note-Steele-2"><span class="mw-cite-backlink">^ <a href="#cite_ref-Steele_2-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Steele_2-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSteele2010" class="citation journal cs1">Steele, G. R. (2010). <a rel="nofollow" class="external text" href="https://doi.org/10.1111/j.1468-0270.2010.02028.x">"INFLATION ECONOMICS: THE HEATH–BARBER BOOM, 1972–74"</a>. <i>Economic Affairs</i>. <b>30</b> (3): 79–81. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Fj.1468-0270.2010.02028.x">10.1111/j.1468-0270.2010.02028.x</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:152522190">152522190</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Economic+Affairs&rft.atitle=INFLATION+ECONOMICS%3A+THE+HEATH%E2%80%93BARBER+BOOM%2C+1972%E2%80%9374&rft.volume=30&rft.issue=3&rft.pages=79-81&rft.date=2010&rft_id=info%3Adoi%2F10.1111%2Fj.1468-0270.2010.02028.x&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A152522190%23id-name%3DS2CID&rft.aulast=Steele&rft.aufirst=G.+R.&rft_id=https%3A%2F%2Fdoi.org%2F10.1111%2Fj.1468-0270.2010.02028.x&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1976+sterling+crisis" class="Z3988"></span></span> </li> <li id="cite_note-inflation-US-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-inflation-US_3-0">^</a></b></span> <span class="reference-text">1634–1699: <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMcCusker1997" class="citation book cs1"><a href="/wiki/John_J._McCusker" title="John J. McCusker">McCusker, J. J.</a> (1997). <a rel="nofollow" class="external text" href="https://www.americanantiquarian.org/proceedings/44525121.pdf"><i>How Much Is That in Real Money? A Historical Price Index for Use as a Deflator of Money Values in the Economy of the United States: Addenda et Corrigenda</i></a> <span class="cs1-format">(PDF)</span>. <a href="/wiki/American_Antiquarian_Society" title="American Antiquarian Society">American Antiquarian Society</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=How+Much+Is+That+in+Real+Money%3F+A+Historical+Price+Index+for+Use+as+a+Deflator+of+Money+Values+in+the+Economy+of+the+United+States%3A+Addenda+et+Corrigenda&rft.pub=American+Antiquarian+Society&rft.date=1997&rft.aulast=McCusker&rft.aufirst=J.+J.&rft_id=https%3A%2F%2Fwww.americanantiquarian.org%2Fproceedings%2F44525121.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1976+sterling+crisis" class="Z3988"></span> 1700–1799: <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMcCusker1992" class="citation book cs1"><a href="/wiki/John_J._McCusker" title="John J. McCusker">McCusker, J. J.</a> (1992). <a rel="nofollow" class="external text" href="https://www.americanantiquarian.org/proceedings/44517778.pdf"><i>How Much Is That in Real Money? A Historical Price Index for Use as a Deflator of Money Values in the Economy of the United States</i></a> <span class="cs1-format">(PDF)</span>. <a href="/wiki/American_Antiquarian_Society" title="American Antiquarian Society">American Antiquarian Society</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=How+Much+Is+That+in+Real+Money%3F+A+Historical+Price+Index+for+Use+as+a+Deflator+of+Money+Values+in+the+Economy+of+the+United+States&rft.pub=American+Antiquarian+Society&rft.date=1992&rft.aulast=McCusker&rft.aufirst=J.+J.&rft_id=https%3A%2F%2Fwww.americanantiquarian.org%2Fproceedings%2F44517778.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1976+sterling+crisis" class="Z3988"></span> 1800–present: <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFederal_Reserve_Bank_of_Minneapolis" class="citation web cs1">Federal Reserve Bank of Minneapolis. <a rel="nofollow" class="external text" href="https://www.minneapolisfed.org/about-us/monetary-policy/inflation-calculator/consumer-price-index-1800-">"Consumer Price Index (estimate) 1800–"</a><span class="reference-accessdate">. Retrieved <span class="nowrap">29 February</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Consumer+Price+Index+%28estimate%29+1800%E2%80%93&rft.au=Federal+Reserve+Bank+of+Minneapolis&rft_id=https%3A%2F%2Fwww.minneapolisfed.org%2Fabout-us%2Fmonetary-policy%2Finflation-calculator%2Fconsumer-price-index-1800-&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1976+sterling+crisis" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.nationalarchives.gov.uk/cabinetpapers/themes/imf-crisis.htm">"Cabinet papers | IMF crisis"</a>. National Archives. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210111103335/https://www.nationalarchives.gov.uk/cabinetpapers/themes/imf-crisis.htm">Archived</a> from the original on 11 January 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">17 December</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Cabinet+papers+%7C+IMF+crisis&rft.pub=National+Archives&rft_id=http%3A%2F%2Fwww.nationalarchives.gov.uk%2Fcabinetpapers%2Fthemes%2Fimf-crisis.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1976+sterling+crisis" class="Z3988"></span></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.economicshelp.org/blog/132993/economics/uk-imf-crisis-of-1976/">"UK – IMF Crisis of 1976"</a>. 6 October 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=UK+%E2%80%93+IMF+Crisis+of+1976&rft.date=2022-10-06&rft_id=https%3A%2F%2Fwww.economicshelp.org%2Fblog%2F132993%2Feconomics%2Fuk-imf-crisis-of-1976%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1976+sterling+crisis" class="Z3988"></span></span> </li> <li id="cite_note-NA-SterlingDevalued-7"><span class="mw-cite-backlink">^ <a href="#cite_ref-NA-SterlingDevalued_7-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-NA-SterlingDevalued_7-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.nationalarchives.gov.uk/cabinetpapers/themes/sterling-devalued-imf-loan.htm">"Sterling devalued and the IMF loan"</a>. <i>The National Archives</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140222060146/http://www.nationalarchives.gov.uk/cabinetpapers/themes/sterling-devalued-imf-loan.htm">Archived</a> from the original on 22 February 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">17 December</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=The+National+Archives&rft.atitle=Sterling+devalued+and+the+IMF+loan&rft_id=http%3A%2F%2Fwww.nationalarchives.gov.uk%2Fcabinetpapers%2Fthemes%2Fsterling-devalued-imf-loan.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1976+sterling+crisis" class="Z3988"></span></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://news.bbc.co.uk/onthisday/hi/dates/stories/april/5/newsid_4074000/4074428.stm">"BBC On This Day"</a>. 5 April 1976. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20080307121651/http://news.bbc.co.uk/onthisday/hi/dates/stories/april/5/newsid_4074000/4074428.stm">Archived</a> from the original on 7 March 2008<span class="reference-accessdate">. Retrieved <span class="nowrap">17 December</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=BBC+On+This+Day&rft.date=1976-04-05&rft_id=http%3A%2F%2Fnews.bbc.co.uk%2Fonthisday%2Fhi%2Fdates%2Fstories%2Fapril%2F5%2Fnewsid_4074000%2F4074428.stm&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1976+sterling+crisis" class="Z3988"></span></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRogers2009" class="citation book cs1">Rogers, Chris (2009). <a rel="nofollow" class="external text" href="http://wrap.warwick.ac.uk/4323/1/WRAP_Rogers_100211-the_politics_of_economic_policy_making_in_britain_pp_26-6-2009.pdf"><i>The Politics of Economic Policy Making in Britain: A Re – assessment of the 1976 IMF Crisis</i></a> <span class="cs1-format">(PDF)</span>. University of Warwick. p. 17. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20161114233603/http://wrap.warwick.ac.uk/4323/1/WRAP_Rogers_100211-the_politics_of_economic_policy_making_in_britain_pp_26-6-2009.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 14 November 2016<span class="reference-accessdate">. Retrieved <span class="nowrap">17 December</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Politics+of+Economic+Policy+Making+in+Britain%3A+A+Re+%E2%80%93+assessment+of+the+1976+IMF+Crisis&rft.pages=17&rft.pub=University+of+Warwick&rft.date=2009&rft.aulast=Rogers&rft.aufirst=Chris&rft_id=http%3A%2F%2Fwrap.warwick.ac.uk%2F4323%2F1%2FWRAP_Rogers_100211-the_politics_of_economic_policy_making_in_britain_pp_26-6-2009.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1976+sterling+crisis" class="Z3988"></span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKlinghoffer1975" class="citation journal cs1">Klinghoffer, Arthur Jay (1975). <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/40394822">"Soviet Oil Politics and the Suez Canal"</a>. <i>The World Today</i>. <b>31</b> (10): 397–405. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/40394822">40394822</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+World+Today&rft.atitle=Soviet+Oil+Politics+and+the+Suez+Canal&rft.volume=31&rft.issue=10&rft.pages=397-405&rft.date=1975&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F40394822%23id-name%3DJSTOR&rft.aulast=Klinghoffer&rft.aufirst=Arthur+Jay&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F40394822&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1976+sterling+crisis" class="Z3988"></span></span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCorbett" class="citation web cs1">Corbett, Michael. <a rel="nofollow" class="external text" href="https://www.federalreservehistory.org/essays/oil-shock-of-1973-74">"Oil Shock of 1973–74"</a>. Federal Reserve History<span class="reference-accessdate">. Retrieved <span class="nowrap">27 August</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Oil+Shock+of+1973%E2%80%9374&rft.pub=Federal+Reserve+History&rft.aulast=Corbett&rft.aufirst=Michael&rft_id=https%3A%2F%2Fwww.federalreservehistory.org%2Fessays%2Foil-shock-of-1973-74&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1976+sterling+crisis" class="Z3988"></span></span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation encyclopaedia cs1"><a rel="nofollow" class="external text" href="https://www.britannica.com/event/Six-Day-War">"Six-Day War | Definition, Causes, History, Summary, Outcomes, & Facts"</a>. <i>Encyclopedia Britannica</i>. 25 August 2024.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Six-Day+War+%7C+Definition%2C+Causes%2C+History%2C+Summary%2C+Outcomes%2C+%26+Facts&rft.btitle=Encyclopedia+Britannica&rft.date=2024-08-25&rft_id=https%3A%2F%2Fwww.britannica.com%2Fevent%2FSix-Day-War&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1976+sterling+crisis" class="Z3988"></span></span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDenis1990" class="citation book cs1">Denis, Healey (1990). <i>The Time of my Life</i>. Penguin. p. 432. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1842751541" title="Special:BookSources/978-1842751541"><bdi>978-1842751541</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Time+of+my+Life&rft.pages=432&rft.pub=Penguin&rft.date=1990&rft.isbn=978-1842751541&rft.aulast=Denis&rft.aufirst=Healey&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1976+sterling+crisis" class="Z3988"></span></span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMoran2010" class="citation news cs1">Moran, Joe (4 September 2010). <a rel="nofollow" class="external text" href="https://www.ft.com/content/11484844-b565-11df-9af8-00144feabdc0">"Defining Moment: Denis Healey agrees to the demands of the IMF"</a>. <i>Financial Times</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190323145413/https://www.ft.com/content/11484844-b565-11df-9af8-00144feabdc0">Archived</a> from the original on 23 March 2019<span class="reference-accessdate">. Retrieved <span class="nowrap">23 March</span> 2019</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Financial+Times&rft.atitle=Defining+Moment%3A+Denis+Healey+agrees+to+the+demands+of+the+IMF&rft.date=2010-09-04&rft.aulast=Moran&rft.aufirst=Joe&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2F11484844-b565-11df-9af8-00144feabdc0&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1976+sterling+crisis" class="Z3988"></span></span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://news.bbc.co.uk/1/hi/uk_politics/6212557.stm">"1976 government papers"</a>. <i>BBC News</i>. 29 December 2006. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170903072238/http://news.bbc.co.uk/1/hi/uk_politics/6212557.stm">Archived</a> from the original on 3 September 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">24 December</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=BBC+News&rft.atitle=1976+government+papers&rft.date=2006-12-29&rft_id=http%3A%2F%2Fnews.bbc.co.uk%2F1%2Fhi%2Fuk_politics%2F6212557.stm&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1976+sterling+crisis" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1976_sterling_crisis&action=edit&section=7" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Burk,_Kathleen" class="mw-redirect" title="Burk, Kathleen">Burk, Kathleen</a>. "1976 IMF Crisis." (1989): 39–45.</li> <li>Ludlam, Steve. "The gnomes of Washington: Four myths of the 1976 IMF crisis." Political Studies 40.4 (1992): 713–727.</li> <li>Wass, Douglas. Decline to Fall: The Making of British Macro-economic Policy and the 1976 IMF Crisis. Oxford University Press, 2008.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKevin_Hickson2005" class="citation book cs1">Kevin Hickson (13 May 2005). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=kstOuQ0qJoEC&pg=PA14"><i>The IMF Crisis of 1976 and British Politics: Keynesian Social Democracy, Monetarism and Economic Liberalism: the 1970s Struggle in British Politics</i></a>. I.B.Tauris. pp. 14–. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-85043-725-3" title="Special:BookSources/978-1-85043-725-3"><bdi>978-1-85043-725-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+IMF+Crisis+of+1976+and+British+Politics%3A+Keynesian+Social+Democracy%2C+Monetarism+and+Economic+Liberalism%3A+the+1970s+Struggle+in+British+Politics&rft.pages=14-&rft.pub=I.B.Tauris&rft.date=2005-05-13&rft.isbn=978-1-85043-725-3&rft.au=Kevin+Hickson&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DkstOuQ0qJoEC%26pg%3DPA14&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1976+sterling+crisis" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKathleen_BurkAlec_Cairncross1992" class="citation book cs1">Kathleen Burk; Alec Cairncross (1992). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=YamJGlX2_vkC"><i>Good-bye, Great Britain: The 1976 IMF Crisis</i></a>. Yale University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-300-05728-8" title="Special:BookSources/0-300-05728-8"><bdi>0-300-05728-8</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Good-bye%2C+Great+Britain%3A+The+1976+IMF+Crisis&rft.pub=Yale+University+Press&rft.date=1992&rft.isbn=0-300-05728-8&rft.au=Kathleen+Burk&rft.au=Alec+Cairncross&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DYamJGlX2_vkC&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1976+sterling+crisis" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMark_D._Harmon1997" class="citation book cs1">Mark D. Harmon (1997). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=NhJtQgAACAAJ"><i>The British Labour Government and the 1976 IMF Crisis</i></a>. Macmillan. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-333-67818-3" title="Special:BookSources/978-0-333-67818-3"><bdi>978-0-333-67818-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+British+Labour+Government+and+the+1976+IMF+Crisis&rft.pub=Macmillan&rft.date=1997&rft.isbn=978-0-333-67818-3&rft.au=Mark+D.+Harmon&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DNhJtQgAACAAJ&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1976+sterling+crisis" class="Z3988"></span></li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline 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href="/wiki/Template:Financial_crises" title="Template:Financial crises"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_crises" title="Template talk:Financial crises"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_crises" title="Special:EditPage/Template:Financial crises"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Financial_crises" style="font-size:114%;margin:0 4em"><a href="/wiki/Financial_crisis" title="Financial crisis">Financial crises</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><a href="/wiki/Bank_run" title="Bank run">Bank run</a></span></li> <li><span class="nowrap"><a href="/wiki/Commodity_price_shocks" title="Commodity price shocks">Commodity price shocks</a></span></li> <li><span class="nowrap"><a href="/wiki/Credit_crunch" title="Credit crunch">Credit crunch</a></span></li> <li><span class="nowrap"><a href="/wiki/Credit_cycle" title="Credit cycle">Credit cycle</a></span></li> <li><span class="nowrap"><a href="/wiki/Currency_crisis" title="Currency crisis">Currency crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Debt_crisis" title="Debt crisis">Debt crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Energy_crisis" title="Energy crisis">Energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_contagion" title="Financial contagion">Financial contagion</a></span> <ul><li><span class="nowrap"><a href="/wiki/Social_contagion" title="Social contagion">Social contagion</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Flash_crash" title="Flash crash">Flash crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation" title="Hyperinflation">Hyperinflation</a></span></li> <li><span class="nowrap"><a href="/wiki/Liquidity_crisis" title="Liquidity crisis">Liquidity crisis</a></span> <ul><li><span class="nowrap"><a href="/wiki/Accounting_liquidity" title="Accounting liquidity">Accounting</a></span></li> <li><span class="nowrap"><a href="/wiki/Liquid_capital" title="Liquid capital">Capital</a></span></li> <li><span class="nowrap"><a href="/wiki/Funding_liquidity" title="Funding liquidity">Funding</a></span></li> <li><span class="nowrap"><a href="/wiki/Market_liquidity" title="Market liquidity">Market</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Minsky_moment" title="Minsky moment">Minsky moment</a></span></li> <li><span class="nowrap"><a href="/wiki/Social_crisis" title="Social crisis">Social crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Stock_market_crash" title="Stock market crash">Stock market crash</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Pre-<a href="/wiki/Commercial_revolution" title="Commercial revolution">1000</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Financial_crisis_of_33" title="Financial crisis of 33">Financial crisis of 33 CE</a></span></li> <li><span class="nowrap"><a href="/wiki/Crisis_of_the_Third_Century" title="Crisis of the Third Century">Crisis of the Third Century</a> (235–284 CE)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Commercial_revolution" title="Commercial revolution">Commercial revolution</a><br />(1000–1760)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Great_Bullion_Famine" title="Great Bullion Famine">Great Bullion Famine</a> (c. 1400–c. 1500)</span></li> <li><span class="nowrap"><a href="/wiki/The_Great_Debasement" title="The Great Debasement">The Great Debasement</a> (1544–1551)</span></li> <li><span class="nowrap"><a href="/wiki/Financial_history_of_the_Dutch_Republic" title="Financial history of the Dutch Republic">Dutch Republic stock market crashes</a> (c. 1600–1760)</span></li> <li><span class="nowrap"><i><a href="/wiki/Kipper_und_Wipper" title="Kipper und Wipper">Kipper und Wipper</a></i> (1621–1623)</span></li> <li><span class="nowrap"><a href="/wiki/Tulip_mania" title="Tulip mania">Tulip mania crash</a> (1637)</span></li> <li><span class="nowrap"><a href="/wiki/South_Sea_Company" title="South Sea Company">South Sea bubble crash</a> (1720)</span></li> <li><span class="nowrap"><a href="/wiki/Mississippi_Company" title="Mississippi Company">Mississippi bubble crash</a> (1720)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">1st Industrial Revolution</a><br />(1760–1840)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Amsterdam_banking_crisis_of_1763" title="Amsterdam banking crisis of 1763">Amsterdam banking crisis of 1763</a></span></li> <li><span class="nowrap"><a href="/wiki/Bengal_Bubble_of_1769" title="Bengal Bubble of 1769">Bengal bubble crash</a> (1769–1784)</span></li> <li><span class="nowrap"><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773" title="British credit crisis of 1772–1773">British credit crisis of 1772–1773</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_history_of_the_Dutch_Republic" title="Financial history of the Dutch Republic">Dutch Republic financial collapse</a> (c. 1780–1795)</span></li> <li><span class="nowrap"><a href="/wiki/Copper_Panic_of_1789" title="Copper Panic of 1789">Copper Panic of 1789</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1792" title="Panic of 1792">Panic of 1792</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1796%E2%80%931797" title="Panic of 1796–1797">Panic of 1796–1797</a></span></li> <li><span class="nowrap"><a href="/wiki/Danish_state_bankruptcy_of_1813" title="Danish state bankruptcy of 1813">Danish state bankruptcy of 1813</a></span></li> <li><span class="nowrap"><a href="/wiki/Commodity_price_shocks" title="Commodity price shocks">Post-Napoleonic Irish grain price and land use shocks</a> (1815–1816)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1819" title="Panic of 1819">Panic of 1819</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1825" title="Panic of 1825">Panic of 1825</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1837" title="Panic of 1837">Panic of 1837</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">1840–1870</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/European_potato_failure" title="European potato failure">European potato failure</a> (1845–1856)</span> <ul><li><span class="nowrap"><a href="/wiki/Great_Famine_(Ireland)" title="Great Famine (Ireland)">Great Irish Famine</a></span></li> <li><span class="nowrap"><a href="/wiki/Highland_Potato_Famine" title="Highland Potato Famine">Highland Potato Famine</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1847" title="Panic of 1847">Panic of 1847</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1857" title="Panic of 1857">Panic of 1857</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1866" title="Panic of 1866">Panic of 1866</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Friday_(1869)" title="Black Friday (1869)">Black Friday</a> (1869)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Second_Industrial_Revolution" title="Second Industrial Revolution">2nd Industrial Revolution</a><br />(1870–1914)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Panic_of_1873" title="Panic of 1873">Panic of 1873</a></span></li> <li><span class="nowrap"><a href="/wiki/Paris_Bourse_crash_of_1882" title="Paris Bourse crash of 1882">Paris Bourse crash of 1882</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1884" title="Panic of 1884">Panic of 1884</a></span></li> <li><span class="nowrap"><a href="/wiki/Arendal_crash" title="Arendal crash">Arendal crash</a> (1886)</span></li> <li><span class="nowrap"><a href="/wiki/Baring_crisis" title="Baring crisis">Baring crisis</a> (1890)</span></li> <li><span class="nowrap"><a href="/wiki/Encilhamento" title="Encilhamento">Encilhamento</a> (1890–1893)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1893" title="Panic of 1893">Panic of 1893</a></span></li> <li><span class="nowrap"><a href="/wiki/Australian_banking_crisis_of_1893" title="Australian banking crisis of 1893">Australian banking crisis of 1893</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Monday_(1894)" title="Black Monday (1894)">Black Monday</a> (1894)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1896" title="Panic of 1896">Panic of 1896</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1901" title="Panic of 1901">Panic of 1901</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1907" title="Panic of 1907">Panic of 1907</a></span></li> <li><span class="nowrap"><a href="/wiki/Shanghai_rubber_stock_market_crisis" title="Shanghai rubber stock market crisis">Shanghai rubber stock market crisis</a> (1910)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1910%E2%80%9311" title="Panic of 1910–11">Panic of 1910–11</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_crisis_of_1914" title="Financial crisis of 1914">Financial crisis of 1914</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Interwar_period" title="Interwar period">Interwar period</a><br />(1918–1939)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_early_Soviet_Russia" title="Hyperinflation in early Soviet Russia">Early Soviet hyperinflation</a> (1917–1924)</span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_the_Weimar_Republic" title="Hyperinflation in the Weimar Republic">Weimar Republic hyperinflation</a> (1921–1923)</span></li> <li><span class="nowrap"><a href="/wiki/Sh%C5%8Dwa_financial_crisis" title="Shōwa financial crisis">Shōwa financial crisis</a> (1927)</span></li> <li><span class="nowrap"><a href="/wiki/Wall_Street_Crash_of_1929" class="mw-redirect" title="Wall Street Crash of 1929">Wall Street Crash of 1929</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1930" title="Panic of 1930">Panic of 1930</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/World_War_II" title="World War II">Wartime period</a><br />(1939–1945)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Greece" title="Hyperinflation in Greece">Greek hyperinflation</a> (1941–1946)</span></li> <li><span class="nowrap"><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Post%E2%80%93World_War_II_economic_expansion" title="Post–World War II economic expansion">Post–WWII expansion</a><br />(1945–1973)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hungarian_peng%C5%91#Hyperinflation" title="Hungarian pengő">Hungarian pengő hyperinflation</a> (1945–1946)</span></li> <li><span class="nowrap"><a href="/wiki/Kennedy_Slide_of_1962" title="Kennedy Slide of 1962">Kennedy Slide of 1962</a></span></li> <li><span class="nowrap"><a href="/w/index.php?title=1963%E2%80%931965_Indonesian_hyperinflation&action=edit&redlink=1" class="new" title="1963–1965 Indonesian hyperinflation (page does not exist)">1963–1965 Indonesian hyperinflation</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stagflation" title="Stagflation">Great Inflation</a><br />(1973–1982)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/1970s_energy_crisis" title="1970s energy crisis">1970s energy crisis</a> (1973–1980)</span></li> <li><span class="nowrap"><a href="/wiki/1973_oil_crisis" title="1973 oil crisis">1973 oil crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1973%E2%80%931974_stock_market_crash" title="1973–1974 stock market crash">1973–1974 stock market crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Secondary_banking_crisis_of_1973%E2%80%931975" title="Secondary banking crisis of 1973–1975">Secondary banking crisis of 1973–1975</a></span></li> <li><span class="nowrap"><a href="/wiki/Steel_crisis" title="Steel crisis">Steel crisis</a> (1973–1982)</span></li> <li><span class="nowrap"><a href="/wiki/Latin_American_debt_crisis" title="Latin American debt crisis">Latin American debt crisis</a> (1975–1982)</span></li> <li><span class="nowrap"><a class="mw-selflink selflink">1976 British currency crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1979_oil_crisis" title="1979 oil crisis">1979 oil crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Brazil" title="Hyperinflation in Brazil">Brazilian hyperinflation</a> (1980–1982)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Moderation" title="Great Moderation">Great Moderation</a>/<br /><a href="/wiki/Great_Regression" class="mw-redirect" title="Great Regression">Great Regression</a><br />(1982–2007)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Brazil" title="Hyperinflation in Brazil">Brazilian hyperinflation</a> (1982–1994)</span></li> <li><span class="nowrap"><a href="/wiki/Souk_Al-Manakh_stock_market_crash" title="Souk Al-Manakh stock market crash">Souk Al-Manakh stock market crash</a> (1982)</span></li> <li><span class="nowrap"><a href="/wiki/Crisis_of_1982" title="Crisis of 1982">Chilean crisis of 1982</a></span></li> <li><span class="nowrap"><a href="/wiki/1983_Israel_bank_stock_crisis" title="1983 Israel bank stock crisis">1983 Israel bank stock crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Saturday_(1983)" title="Black Saturday (1983)">Black Saturday (1983)</a></span></li> <li><span class="nowrap"><a href="/wiki/Savings_and_loan_crisis" title="Savings and loan crisis">Savings and loan crisis</a> (1986–1995)</span></li> <li><span class="nowrap"><a href="/wiki/Cameroonian_economic_crisis" title="Cameroonian economic crisis">Cameroonian economic crisis</a> (1987–2000s)</span></li> <li><span class="nowrap"><a href="/wiki/Black_Monday_(1987)" title="Black Monday (1987)">Black Monday (1987)</a></span></li> <li><span class="nowrap"><a href="/wiki/1988%E2%80%931992_Norwegian_banking_crisis" title="1988–1992 Norwegian banking crisis">1988–1992 Norwegian banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Japanese_asset_price_bubble" title="Japanese asset price bubble">Japanese asset price bubble crash</a> (1990–1992)</span></li> <li><span class="nowrap"><a href="/wiki/Rhode_Island_banking_crisis" title="Rhode Island banking crisis">Rhode Island banking crisis</a> (1990–1992)</span></li> <li><span class="nowrap"><a href="/wiki/1991_Indian_economic_crisis" title="1991 Indian economic crisis">1991 Indian economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Sweden_financial_crisis_1990%E2%80%931994" class="mw-redirect" title="Sweden financial crisis 1990–1994">1990s Swedish financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1990s_Finnish_banking_crisis" title="1990s Finnish banking crisis">1990s Finnish banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Armenian_energy_crisis_of_1990s" class="mw-redirect" title="Armenian energy crisis of 1990s">1990s Armenian energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Special_Period" title="Special Period">Cuban Special Period</a> (1991–2000)</span></li> <li><span class="nowrap"><a href="/wiki/Black_Wednesday" title="Black Wednesday">Black Wednesday (1992 Sterling crisis)</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_the_Federal_Republic_of_Yugoslavia" title="Hyperinflation in the Federal Republic of Yugoslavia">Yugoslav hyperinflation</a> (1992–1994)</span></li> <li><span class="nowrap"><a href="/wiki/1994_bond_market_crisis" title="1994 bond market crisis">1994 bond market crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Venezuelan_banking_crisis_of_1994" title="Venezuelan banking crisis of 1994">Venezuelan banking crisis of 1994</a></span></li> <li><span class="nowrap"><a href="/wiki/Mexican_peso_crisis" title="Mexican peso crisis">Mexican peso crisis</a> (1994–1996)</span></li> <li><span class="nowrap"><a href="/wiki/1997_Asian_financial_crisis" title="1997 Asian financial crisis">1997 Asian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/October_27,_1997,_mini-crash" title="October 27, 1997, mini-crash">October 1997 mini-crash</a></span></li> <li><span class="nowrap"><a href="/wiki/1998_Russian_financial_crisis" title="1998 Russian financial crisis">1998 Russian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1998%E2%80%931999_Ecuador_economic_crisis" title="1998–1999 Ecuador economic crisis">1998–1999 Ecuador economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1998%E2%80%932002_Argentine_great_depression" title="1998–2002 Argentine great depression">1998–2002 Argentine great depression</a></span></li> <li><span class="nowrap"><a href="/wiki/Samba_effect" title="Samba effect">Samba effect</a> (1999)</span></li> <li><span class="nowrap"><a href="/wiki/Dot-com_bubble" title="Dot-com bubble">Dot-com bubble crash</a> (2000–2004)</span></li> <li><span class="nowrap"><a href="/wiki/Economic_effects_of_the_September_11_attacks" title="Economic effects of the September 11 attacks">9/11 stock market crash</a> (2001)</span></li> <li><span class="nowrap"><a href="/wiki/2001_Turkish_economic_crisis" title="2001 Turkish economic crisis">2001 Turkish economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/South_American_economic_crisis_of_2002" title="South American economic crisis of 2002">South American economic crisis of 2002</a></span></li> <li><span class="nowrap"><a href="/wiki/Stock_market_downturn_of_2002" title="Stock market downturn of 2002">Stock market downturn of 2002</a></span></li> <li><span class="nowrap"><a href="/wiki/2002_Uruguay_banking_crisis" title="2002 Uruguay banking crisis">2002 Uruguay banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2003_Myanmar_banking_crisis" title="2003 Myanmar banking crisis">2003 Myanmar banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2000s_energy_crisis" title="2000s energy crisis">2000s energy crisis</a> (2003–2008)</span></li> <li><span class="nowrap"><a href="/wiki/2004_Argentine_energy_crisis" title="2004 Argentine energy crisis">2004 Argentine energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_stock_bubble_of_2007" title="Chinese stock bubble of 2007">2007 Chinese stock bubble crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Zimbabwe" title="Hyperinflation in Zimbabwe">Zimbabwean hyperinflation</a> (2007–present)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a><br />(2007–2009)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a></span> <ul><li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_September_2008" title="Global financial crisis in September 2008">September 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_October_2008" title="Global financial crisis in October 2008">October 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_November_2008" title="Global financial crisis in November 2008">November 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_December_2008" title="Global financial crisis in December 2008">December 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_2009" title="Global financial crisis in 2009">2009</a></span></li> <li><span class="nowrap"><a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">Subprime mortgage crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2000s_United_States_housing_market_correction" title="2000s United States housing market correction">2000s U.S. housing market correction</a></span></li> <li><span class="nowrap"><a href="/wiki/United_States_bear_market_of_2007%E2%80%932009" title="United States bear market of 2007–2009">U.S. bear market of 2007–2009</a></span></li> <li><span class="nowrap"><a href="/wiki/2008_Latvian_financial_crisis" title="2008 Latvian financial crisis">2008 Latvian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932009_Belgian_financial_crisis" title="2008–2009 Belgian financial crisis">2008–2009 Belgian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Great_Recession_in_Russia" title="Great Recession in Russia">2008–2009 Russian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932009_Ukrainian_financial_crisis" title="2008–2009 Ukrainian financial crisis">2008–2009 Ukrainian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932011_Icelandic_financial_crisis" title="2008–2011 Icelandic financial crisis">2008–2011 Icelandic financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Post-2008_Irish_banking_crisis" title="Post-2008 Irish banking crisis">2008–2011 Irish banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932014_Spanish_financial_crisis" title="2008–2014 Spanish financial crisis">2008–2014 Spanish financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Blue_Monday_Crash_2009" title="Blue Monday Crash 2009">Blue Monday Crash 2009</a></span></li> <li><span class="nowrap"><a href="/wiki/European_debt_crisis" title="European debt crisis">European debt crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Greek_government-debt_crisis" title="Greek government-debt crisis">Greek government-debt crisis</a></span></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Information_Age" title="Information Age">Information Age</a><br />(2009–present)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Dubai_World" title="Dubai World">2009 Dubai debt standstill</a></span></li> <li><span class="nowrap"><a href="/wiki/Venezuelan_banking_crisis_of_2009%E2%80%932010" title="Venezuelan banking crisis of 2009–2010">Venezuelan banking crisis of 2009–2010</a></span></li> <li><span class="nowrap"><a href="/wiki/2010%E2%80%932014_Portuguese_financial_crisis" title="2010–2014 Portuguese financial crisis">2010–2014 Portuguese financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Energy_crisis_in_Venezuela" title="Energy crisis in Venezuela">Energy crisis in Venezuela</a> (2010–present)</span></li> <li><span class="nowrap"><a href="/wiki/Economy_of_Syria" title="Economy of Syria">Syrian economic crisis</a> (2011–present)</span></li> <li><span class="nowrap"><a href="/wiki/August_2011_stock_markets_fall" title="August 2011 stock markets fall">August 2011 stock markets fall</a></span></li> <li><span class="nowrap"><a href="/wiki/2011_Bangladesh_share_market_scam" title="2011 Bangladesh share market scam">2011 Bangladesh share market scam</a></span></li> <li><span class="nowrap"><a href="/wiki/2012%E2%80%932013_Cypriot_financial_crisis" title="2012–2013 Cypriot financial crisis">2012–2013 Cypriot financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_Banking_Liquidity_Crisis_of_2013" title="Chinese Banking Liquidity Crisis of 2013">2013 Chinese banking liquidity crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2013%E2%80%93present_economic_crisis_in_Venezuela" title="2013–present economic crisis in Venezuela">Venezuela economic crisis</a> (2013–present)</span></li> <li><span class="nowrap"><a href="/wiki/2014_Brazilian_economic_crisis" title="2014 Brazilian economic crisis">2014–2016 Brazilian economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Puerto_Rican_government-debt_crisis" title="Puerto Rican government-debt crisis">Puerto Rican government-debt crisis</a> (2014–2022)</span></li> <li><span class="nowrap"><a href="/wiki/Russian_financial_crisis_(2014%E2%80%932016)" title="Russian financial crisis (2014–2016)">Russian financial crisis (2014–2016)</a></span></li> <li><span class="nowrap"><a href="/wiki/2015_Nepal_blockade" title="2015 Nepal blockade">2015 Nepal blockade</a></span></li> <li><span class="nowrap"><a href="/wiki/2015%E2%80%932016_Chinese_stock_market_turbulence" title="2015–2016 Chinese stock market turbulence">2015–2016 Chinese stock market turbulence</a></span></li> <li><span class="nowrap"><a href="/wiki/2015%E2%80%932016_stock_market_selloff" title="2015–2016 stock market selloff">2015–2016 stock market selloff</a></span></li> <li><span class="nowrap"><a href="/wiki/Economic_effects_of_Brexit" title="Economic effects of Brexit">Brexit stock market crash</a> (2016)</span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Venezuela" title="Hyperinflation in Venezuela">Venezuelan hyperinflation</a> (2016–2022)</span></li> <li><span class="nowrap"><a href="/wiki/2017_Sri_Lankan_fuel_crisis" title="2017 Sri Lankan fuel crisis">2017 Sri Lankan fuel crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Ghana_banking_crisis" title="Ghana banking crisis">Ghana banking crisis</a> (2017–2018)</span></li> <li><span class="nowrap"><a href="/wiki/Turkish_economic_crisis_(2018%E2%80%93current)" title="Turkish economic crisis (2018–current)">Turkish economic crisis</a> (2018–present)</span></li> <li><span class="nowrap"><a href="/wiki/Lebanese_liquidity_crisis" title="Lebanese liquidity crisis">Lebanese liquidity crisis</a> (2019–present)</span></li> <li><span class="nowrap"><a href="/wiki/Sri_Lankan_economic_crisis_(2019%E2%80%93present)" title="Sri Lankan economic crisis (2019–present)">Sri Lankan economic crisis</a> (2019–present)</span></li> <li><span class="nowrap"><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic" title="Economic impact of the COVID-19 pandemic">COVID-19 pandemic</a></span> <ul><li><span class="nowrap"><a href="/wiki/Financial_market_impact_of_the_COVID-19_pandemic" title="Financial market impact of the COVID-19 pandemic">Financial market impact</a></span></li> <li><span class="nowrap"><a href="/wiki/2020_stock_market_crash" title="2020 stock market crash">2020 stock market crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Early_2020s_recession" class="mw-redirect" title="Early 2020s recession">Recession</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Chinese_property_sector_crisis_(2020%E2%80%93present)" title="Chinese property sector crisis (2020–present)">Chinese property sector crisis</a> (2020–present)</span></li> <li><span class="nowrap"><a href="/wiki/2021%E2%80%932023_inflation_surge" title="2021–2023 inflation surge">2021–2023 inflation surge</a></span></li> <li><span class="nowrap"><a href="/wiki/Economic_impact_of_the_Russian_invasion_of_Ukraine" title="Economic impact of the Russian invasion of Ukraine">2022 Russian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Pakistani_economic_crisis_(2022%E2%80%93present)" title="Pakistani economic crisis (2022–present)">Pakistani economic crisis</a> (2022–present)</span></li> <li><span class="nowrap"><a href="/wiki/2022_stock_market_decline" title="2022 stock market decline">2022 stock market decline</a></span></li> <li><span class="nowrap"><a href="/wiki/German_economic_crisis_(2022%E2%80%93present)" title="German economic crisis (2022–present)">2022–2024 German economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2023_United_States_banking_crisis" title="2023 United States banking crisis">2023 United States banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2023%E2%80%932024_Egyptian_financial_crisis" title="2023–2024 Egyptian financial crisis">2023–2024 Egyptian financial crisis</a></span></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><a href="/wiki/List_of_banking_crises" title="List of banking crises">List of banking crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_economic_crises" title="List of economic crises">List of economic crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_sovereign_debt_crises" title="List of sovereign debt crises">List of sovereign debt crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_stock_market_crashes_and_bear_markets" title="List of stock market crashes and bear markets">List of stock market crashes and bear markets</a></span></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="James_Callaghan" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="3"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:James_Callaghan" title="Template:James Callaghan"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:James_Callaghan" title="Template talk:James Callaghan"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:James_Callaghan" title="Special:EditPage/Template:James Callaghan"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="James_Callaghan" style="font-size:114%;margin:0 4em"><a href="/wiki/James_Callaghan" title="James Callaghan">James Callaghan</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Premiership</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Labour_government,_1974%E2%80%931979" title="Labour government, 1974–1979">1976–1979</a></li></ul> </div></td><td class="noviewer navbox-image" rowspan="8" style="width:1px;padding:0 0 0 2px"><div><figure class="mw-halign-right" typeof="mw:File"><a href="/wiki/File:James_Callaghan.JPG" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d0/James_Callaghan.JPG/100px-James_Callaghan.JPG" decoding="async" width="100" height="128" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d0/James_Callaghan.JPG/150px-James_Callaghan.JPG 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d0/James_Callaghan.JPG/200px-James_Callaghan.JPG 2x" data-file-width="1144" data-file-height="1468" /></a><figcaption></figcaption></figure></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">General elections</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1979_United_Kingdom_general_election" title="1979 United Kingdom general election">1979</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Referenda</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1979_Scottish_devolution_referendum" title="1979 Scottish devolution referendum">1979 Scottish devolution referendum</a></li> <li><a href="/wiki/1979_Welsh_devolution_referendum" title="1979 Welsh devolution referendum">1979 Welsh devolution referendum</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Party elections</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1960_Labour_Party_deputy_leadership_election" title="1960 Labour Party deputy leadership election">Deputy leadership 1960</a></li> <li><a href="/wiki/1963_Labour_Party_leadership_election_(UK)" title="1963 Labour Party leadership election (UK)">Leadership 1963</a></li> <li><a href="/wiki/1976_Labour_Party_leadership_election" title="1976 Labour Party leadership election">Leadership 1976</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Constituencies</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Cardiff_South_(UK_Parliament_constituency)" title="Cardiff South (UK Parliament constituency)">Cardiff South</a></li> <li><a href="/wiki/Cardiff_South_East_(UK_Parliament_constituency)" title="Cardiff South East (UK Parliament constituency)">Cardiff South East</a></li> <li><a href="/wiki/Cardiff_South_and_Penarth_(UK_Parliament_constituency)" title="Cardiff South and Penarth (UK Parliament constituency)">Cardiff South and Penarth</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Family</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Audrey_Callaghan" title="Audrey Callaghan">Audrey Callaghan</a> (wife)</li> <li><a href="/wiki/Margaret_Jay,_Baroness_Jay_of_Paddington" title="Margaret Jay, Baroness Jay of Paddington">Margaret Jay</a> (daughter)</li> <li><a href="/wiki/Peter_Jay_(diplomat)" title="Peter Jay (diplomat)">Peter Jay</a> (son-in-law)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Cultural depictions</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><i><a href="/wiki/The_Audience_(2013_play)" title="The Audience (2013 play)">The Audience</a></i> (Play, 2013)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related articles</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a class="mw-selflink selflink">1976 sterling crisis</a></li> <li><a href="/wiki/Winter_of_Discontent" title="Winter of Discontent">Winter of Discontent</a></li> <li><a href="/wiki/1979_vote_of_no_confidence_in_the_Callaghan_ministry" title="1979 vote of no confidence in the Callaghan ministry">1979 vote of no confidence</a></li> <li><a href="/wiki/April_1979_United_Kingdom_budget" title="April 1979 United Kingdom budget">1979 budget</a></li> <li><a href="/wiki/1979_Dissolution_Honours" title="1979 Dissolution Honours">Resignation Honours</a></li> <li><a href="/wiki/Father_of_the_House_(United_Kingdom)" title="Father of the House (United Kingdom)">Father of the House</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="3"><div> <ul><li>← <b><a href="/wiki/Harold_Wilson" title="Harold Wilson">Harold Wilson</a></b></li> <li><b><a href="/wiki/Margaret_Thatcher" title="Margaret Thatcher">Margaret Thatcher</a></b> →</li></ul> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:James_Callaghan" title="Category:James Callaghan">Category</a></li></ul> </div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" 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