United Kingdom Stand-By Arrangement 1976

A little bit of history on the last occasion that the UK faced a challenge similar to today–the IMF’s Stand-By Arrangement document from 1976.

It’s interesting to note the similarities between then and now.

An incomplete list would include: oil shock, twin deficits, rapid money growth, labour unrest, political dysfunction, high inflation and rapid wage growth…

Also refreshing here is the quality of the IMF’s analysis compared to today. And since these documents were not published, as they are today, Fund staff could be more pointed in their assessment of the macroeconomic failings of the UK authorities.

There are also margin notes by Fund management later in the document.

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