Oil price shocks meant big price hikes and this caused much disruption as infrastructure based on cheap gas Unions had huge increases in membership in 70s & able to change the capital /labour ratio. The capitalists didn’t like that so thatcher went after unions & generated lots of monopoly powers
These bits I did know, it's the bail out of £ stirling I don't get? What was that all about?
PS. I really appreciate you taking the time. You spend all your life teaching, and you still help out in your free time. Snook season starts shortly. Tight lines.
Going snooking 9-11th sept…!
Danny - what was all that about Denis Healey having to go begging to the IMF based on what turned out to be such inaccurate projections, meaning he never really needed to? Especially when they knew North Sea Oil was just around the corner? Conspiracy theory? Or did I just remember it wrong?
Also for Boris's benefit you could try to explain Thatcher's flirtation with bonkers Friedman monetarism which sent interest rates skyrocketing to 20%+ She was unpopular & saved by her own govt's screw-up over the Falklands
... although fishing for snooks seems to me a better use of your time.
Haha
I know those bits, it's the 1970's being used as the bogeyman to justify everything that followed. I get most of it, but not the £ being propped up.