UK – parallels with 1976 financial humiliation

Cataclysmic descriptions about the economic damage caused by the virus lockdown are difficult to gauge since no one knows whether it’ll be a V-shaped dip with quick recovery or an L-shaped slog. The more dramatic couch it in terms of a historic first in direness. Though parallels are being drawn with the 1976 humiliation for the UK when it was forced to go cap in hand to the IMF for a loan. The PM of the day James Callaghan said: “We used to think you could spend your way out of a re