‘Just hysteria’: UK faces a crisis but the Denis Healey comparison is overblown - short news
Despite sluggish growth and rising borrowing costs, most economists agree that Rachel Reeves doesn’t face a repeat of 1976
International confidence in the UK government’s economic policies had evaporated. Growth was stalling, inflation was galloping, and Labour – back in power after a reckless Conservative administration had gambled on tax cuts – was in deep trouble.
It was 1976, when James Callaghan’s government was forced to go cap in hand to the International..
source: The Guardian - 29.08.2025