The International Monetary Fund
Prior to the "Winter of Discontent", the Callaghan government had sought (in 1976) an International Monetary Fund loan of £2.3bn to combat the rampant inflation at that time. This was perceived as a humiliation for a former imperial power and the nadir of the post-war economic decline, helping to pave the way for Margaret Thatcher's 1979 General Election victory.
Read more about this topic: Winter Of Discontent
Famous quotes containing the words monetary and/or fund:
“In our time, the curse is monetary illiteracy, just as inability to read plain print was the curse of earlier centuries.”
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