RR7650A UK BRITAIN'S ECONOMIC CRISIS

(17 Dec 1976) RR7650A UK BRITAIN'S ECONOMIC CRISIS
For Britain, 1976 has been a year of severe economic
crisis - one and a half million unemployed, domestic
inflation at 14 per cent, galloping devaluation, stagnant
industrial production and huge international loans to
cover the balance of payments deficit. The Government's
strategy for recovery depends on continuing support from
the trade unions on wage restraint - support which might
not be given if unemployment rises and social services are
curtailed as a consequence of conditions imposed by the
International Monetary Fund for granting Britain a
new standby credit of 3.9 billion dollars.
Film: Rev - Sound: Mag/SOF - Colour- Available in HD
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[@llyraprhisiart2856]

who's here in 2022? nothings changed

[@gabriellaj.o.6180]

As someone with a keen interest in UK sociology and social history the pound falling below £2$ per £1 has never been reached since and in fact the £1 was equal to $1 in 1985 and also recently in 2019 following the general election. Britain is a small to medium industrial power and not the imperial power it was.

[@ageofechochambers9469]

You do know that this report was in 1976 so they never saw the 80s ? The report is accurate the pound was 4.95 to the dollar in 1880s then 3.93 in the 1940s then 2.83 in the 1960s . So the reporter is right to say they haven't seen it this low .

[@waltertaylor44]

It did go back to over $2 to a £1 in 2007. Its in the interest of the Bank of England to keep the exchange rate lower that $2 to encourage exports and economic growth. Today we run at a rate of around $1.35 to the £1. It's strength more to do with the City of London and the large amount of global trading. Its unlikely we will see the rate back at $2 to a £1 unless the US economy struggles and no quantative easing measures are taken in the UK.

[@waltertaylor44]

Agree tho, Britain is a medium industrial power, it succeeds with high end manufacturing in automotive and pharmaceuticals but has no where near the industrial base it had in the 70s. I would hope we could invest in capital intensive manufacturing over the next few years and the high end skills training needed to go with it.

[@OffGridInvestor]

Britain NOW.... is a financial powerhouse and a great consumer market for the large population but not a great deal else. I remember ever since 2008 there's BARELY ANY manufacturing left and I suspect just like here in Australia, they use MIGRATION of wealthy foreigners to bring money into the country. Otherwise it's banking, insurance, and ownership of other assets elsewhere. At least here in Australia we are major agricultural producers and miners exporting almost any mineral or metal or mined product you can name.

[@johnking5174]

1975 marked major financial cutbacks even in the treasured BBC - where television and radio schedules had to be trimmed back. The government imposed a three year cutback deal with the BBC. This meant the extra programming permitted with the lifting of the restrictions on the television broadcasting hours in 1972 would be cutback, not to the pre 1972-restriction levels, but quite near it - also with three hours per day hacked off the popular BBC Radio 2 network.

[@samanthahardy9903]

@@dadagan8815 I remember the test cards and the white dot along with the annoying high pitched sound when programming ended at night. My god I feel old. 😆

[@tubularbill]

What a mess. No wonder the Tory’s via Thatcher won three terms (and Major a 4th).

[@Anon54387]

And now Corbyn is calling for industry to be nationalized. And people think that's a good idea. SMH.

[@dariowiter3078]

@Anon54387 Assholes like Corbyrn and their left-wing parties need to be banned altogether around the world; the more they exist, the more unworkable they will become before the eyes of the public...if they care to see it through dark-rimmed glasses.

[@seansands424]

And then it was just as bad

[@dadagan8815]

@@dariowiter3078 If it wasn't for left-wing Party ideals, we wouldn't even have an NHS or any kind of affordable housing or any state benefits at all, these things weren't Tory policies, they were Labour ones, and we still benefit from them to this day. I bet you and your right-wing mates forget that when your bashing Labor, the only Party that has done anything for the average person.

[@isawaturtle]

Thatcher and Major caused Black Wednesday. If you like the Torys then I hope you enjoyed their austerity which would have set your family back 10 years.

[@Pickettytitch69-om7nk]

Please keep this upload in place AP, stop taking it down for no reason, thank-you.

[@turnip5359]

I feel sorry for the elder generation who had to suffer through this.

[@stewartw.9151]

Some of us didn't - we got the eff out! Pointless to stay with a Commie government power then!

[@thedevilriders101]

They voted it in.

[@danw1374]

We'd "never had it so good" for some time before then, nothing lasts sadly.

[@Perthshire]

@BOBONOPOLI Labour fucked up under Blair and Brown, and this led to the financial crisis - it took the Tories a decade to sort out that fucking shitstorm.

[@Perthshire]

@@stewartw.9151 good riddance.

[@mark45stewart50]

It was much worst in Scotland, i recall power cut, shools shut, uncollect bins, and no heating for three months and nothing on tv they went on strike. Its all comming again pretty soon.

[@ukzorba1507]

Yeah same in London, and only single glazing ice on the inside lol no telly to :-( but in Scotland with them long cold winters and middle of no where must of been very hard

[@Perthshire]

God Bless Margaret Thatcher :-)

[@CROsigliere]

So oil like the only thing that kept this country going?

[@gkelectrical1]

Wow, similar to what we are going through today but under the guise of a virus

[@CROsigliere]

@@gkelectrical1 and by that you mean the schools are shut and thats all that's comparable

[@AnobleEnglishman]

6 dislikes were from Owen Jones. "This wasn't real socialism"

[@novo6462]

Must buy a cake for #OwenJonesIsAWankerDay !

[@MrDavey2010]

The 1970s were bad for the UK economy. We forget how it was.

[@seansands424]

@trident3b Because we are now a nation of maids and servants, butlers, waiters skivvies and plebs

[@gkelectrical1]

If you held on back then you will be quids in now

[@paulthesquid3595]

Well'l the late 60's were the worst for me the 70's got a lot better but much better now at 68 years old.

[@Pickettytitch69-om7nk]

We lived through a horror shit show of socialism and union anarchy for the entire decade.

[@erickpaolod.santos3719]

From the British Movietone News (Courtesy from AP Archive)

[@rogermanvell4693]

It is interesting to note that 1976 was the peak of UK equality in terms of wealth distribution and coincidentally or not of happiness according to the survey of the New economics foundation.

[@Anon54387]

Happiness is a feeling and fleeting. People had a far different mindset by 1978.

[@neuralyser]

Equality of wealth distribution, isn't that called communism? lol

[@yellowbelly06]

Absolutely. Spot on Roger. Everybody was equally poor. Well done, another triumph for socialism.

[@chrisl9620]

.........course we had it tough. I used to get up in the morning half past ten at night, an hour before I went to bed work a 25 hour day down mill, come home to eat a hand full of hot gravel, and then our dad used thrash to sleep wi yis belt. Luxury.

[@gabrielphelps1555]

Yes, in effect it was the heyday of Social Democratic, Keynesian demand type policies. Which has been often underrated compared to the monetarist disaster in the 80s .

[@lennylaa1686]

@ 9-55...commentary mentions that Callaghan speaks of a ''thirty year malaise'' but that goes all the way back to 1945 and Attlee, also Labour - winning the GE that year by a landslide.. UK voted for the unicorns and utopia of socialism after the war...just as the rest of the world chose to embrace free market capitalism/mass production and the wealth and prosperity it secured. UK embarked on a course of welfarism and state control but it was unaffordable and collapsed during the 1979 ''Winter of Discontent'' by which time, socialism had proved to be an abysmal and comprehensive failure.

[@billjohnson2081]

Neither Corbyn nor Brexit would have led to this. The Oil Crisis and technological exhaustion led to these conditions.

[@leejones8582]

Nice to see some things never change.

[@rlane63]

knob

[@EuropeanQoheleth]

What grim times they were. And to think people get nostalgic for the 1970's.

[@cdgh99]

Yes, the nostalgia mostly comes from Brexit nutters.

[@samantha9313]

Every week going to the supermarket food prices were going up

[@thezootopiahusky]

@@cdgh99 How about Eurolovers Meme ban

[@kakashi101able]

Especially in America 1970s USA: Massive crime rates in the inner cities, like new York City. NYC was like a literal third world country back then. The Vietnam war, then losing the war in nam. A president was force to resign office. Mass inflations. The gas crisis etc... I can understand that during the 1970s, people were more creative, music was better, and so were the movies.

It's easier to be nostalgic of your chilhood time, because you didn't face the problems adults faced. Or at least you weren't aware.

[@thedangler1754]

With Healey in charge we had no hope. The biggest problem is that the government during the 60's, 70's had no power or strong leadership. Everything during those times seems to have been driven by the unions (who had never been voted into power), hence the big clash between government and unions in the early 80's.

[@Anon54387]

There was hardly a power the government didn't have which is why the economy took such a nose dive.

[@stewartw.9151]

Labour Party then was a slave to the unions, as they remain today and always have been since their founding and later funding by unions.

[@stephenpeachey2976]

To be fair the horrendous inflation was in part caused by the Heath government and the Barber boon of 1972-1973 the so called 'dash for growth' massively increasing spending and slashing taxes . Ironically it was Labour in 1976 who introduced monetarism by reigning in public expenditure and allowing unemployment to rise.

[@thedualtransition6070]

@@stewartw.9151 Healey was a right winger who called in the IMF when he didn't need to, so he could blame them for the austerity measures. The inflation was due to the conservative government policies exacerbating the oil shock.

[@stewartw.9151]

@@thedualtransition6070 Right-winger???? You obviously were not there watching the TV, when he made his famous statement on the economy and how it could be fixed, "We will soak the rich!" These were the very words he used, I saw and heard them!

[@websurfer1585]

With around 40% inflation, how on earth did people make ends meet?

[@pantelaja6528]

Try Serbia in 90s😂😂😂

[@annother3350]

They didnt drink £3 Cappucinos 3 times a day and only went to cafes maybe twice a year. I can remember old ladies in the 80s complaining bread had gone up 1p - people were very thrifty

[@stevebbuk9557]

I think that must have been food inflation. The highest RPI got was 26.9% if my memory serves me right.

[@malthusXIII-fo3ep]

@@stevebbuk9557 Fully four years later steve, it was still 8%.

[@stevebbuk9557]

Inflation was in the mid-twenty mark for two consecutive years: 1975 and 1976. So the value of the pound had halved. By 1978 it had fallen to 7.8%, which was the lowest that particular Labour government had achieved. Who knows what the General Election result would have been had the Winter of Discontent not occurred., but enough people were so fed up they voted Conservative, including many trade unionists for the first time.@@malthusXIII-fo3ep

[@thisiszaphod]

The result of four years of Heath from 70 to 74.

[@turnip5359]

Who was worse, Heath or Callaghan? Genuine question as I was only born in 1993.

[@alihart]

@@turnip5359 it's a hugely complicated question, assuming one or the other might have helped matters - there are so many factors that influenced the economy ( as this clip suggests). It seems to me that Callaghan and Healey recognised what needed to be done but their support base and factions in Labour, as well as a population who had had enough limited their options. At this point, Thatcher was the leader of the opposition and to a large extent all she had to do was wait while Labour damaged their reputation for sound economic management. @MegaDarryl1 makes the main point - neither party/leader was in a position to do very much

[@stewartw.9151]

No it was a knock on from years of labour unrest, strikes killing the economy and finally the 3 day week as a result again of a strike by miners leading to no fuel for power stations. Heath's handling of that did not help but he had no chance really as the Communist element in the labour unions were determined to unseat his government - and they succeeded! I was there and it caused me to bugger off in March 1975 after Labour took over and immediately things amazingly got even worse!

[@paulph12002]

Labour had been in power for two years by 1976...

[@fezmancomments]

Joe Evans I’d go back as far as the War. Germany had to completely rebuild, Britain didn’t. Industry and Workers were organised en mass (because that’s how we won the war) but by 1970s revolt was in the air. Big organised unions led their soldiers against the Capitalist enemy. The miners strike, three day week and “who governs Britain”. Here’s Terry Thomas and Ian Carmichael explaining the situation In “I’m alright Jack.” kzbin.info/www/bejne/b6PXf4ifjtGfpNk We could get a taste of this again after Christmas if comrades Corbyn and McDonnell get to run the shop.

[@davidjohn-no1nx]

sounds like todays times in 2022

[@antoniod]

Forty years ago my Grandfather argued that the dole caused Britain's crisis. I thought that moronically reductionist and tried to argue that WWII had more to do with it, but he countered "That was Thrity-Five years ago!"

[@yourtutor3329]

one of the economic experts sent to the UK was greek, as we all know greek wisdom in the economic field is monumental

[@anonUK]

The Greeks invented economics. They also invented getting buggered. The impact of the two activities on the receiving side has not always been entirely dissimilar.

[@samfarrow348]

This is no different to how it is now. Another revolution is needed!

[@TheNewsWire]

The narrator is Douglas Cameron

[@pedroprague]

This soon can be reality....this was just two years after joining EU. Country was at that time already in mess. As I can see the ''continentals came to make shopping to improve UK economy at that time''. But now without free access to EU market and in the middle of global trade war between EU, USA, China is UK very vulnerable because of external and internal pressures. Scotland will be a sovereign country and Northern Ireland will be part of the Republic of Ireland. Those decision will be beyond the control of Westminster.

[@uusrano]

What this history lesson shows above all is that the EU doesn't fix your problems, that part is on you. There will be enough international shoppers one you are poor. For God's sake, the EU borders are not the iron curtain.

[@nonever10]

This is looking more like a reality

[@markblakeut]

Joined EU 1st Jan 1973 and a few years later 40% inflation. Left EU 31st Jan 2020 and a few years later inflation 11.1%.

[@lennylaa1686]

Actually it was in June, 1975 when inflation (under Labour) reached it's highest ever peak at 26.9%...and no wonder with Wilson handing out 30% plus pay increases to public sector unions. As well as two 40% pay increases within 12 months of each other to the miners. No wonder the money ran out, just like 2010 under Brown and in 1976, Labour dashed off to the IMF for a cash hand out. Utter national humiliation! Inflation today due entirely to Putin's war leading to fuel and energy crisis. NONE of it the fault of the Tories. Lunacy also to rely on totally unreliable renewables like windmill white elephants. So please recognise and tell the truth, do not be conned by media/BBC/SKY far left propaganda.

[@lennylaa1686]

@@mmmh501 Calamity Brown failed to balance the books long before the 2008 crash...recklessly spending on the never-never. We are still only half-way through paying off Clown Brown's staggering £300 BILLION PFI debt mountain. 2010...boom and bust,...and a colossal austerity and debt mountain left to the incoming Tories...a shocking and wicked Labour legacy.

[@neuralyser]

Britain needed strong leadership, and it finally got it in the form of Margaret Thatcher. The necessity of facing down the unions was an impossible conundrum for the Labour politicians of the day.

[@AndreiTupolev]

5:46 is that Sheik Yermoney?

[@KamZero]

It's Sheik Djibouti

[@CROsigliere]

Sounds like Oil was our only saving grace.

[@zzebowa]

Thank god we had Thatcher! Thank god we didnt get Corbyn!

[@user-js9wv5lq5p]

@Marvin Brando you'll be first against the wall you bellend

[@patrik6872]

how is that working for you so far?

[@AndreiTupolev]

Are you still thankful you got Johnson instead?

[@larkatmic]

Here we go again

[@cricketman1322]

I fear you’re right. We will wait and see though. If inflation peaks and recedes within the next year I think we will be ok.

[@alvinchongchong9712]

Ok

[@Truthseeker1515]

Now that manufacturing accounts for less than 10% of UK GDP who cares about the cost of raw materials and importing inflation!

[@tavernburner3066]

People who care about the welding of others.

[@thedevilriders101]

Labour's legacy.

[@euroman3726]

With Brexit we are back to this . The U.K. is facing another economic crisis.

[@johnobrien8398]

The QUEENS WORKING AGAIN POOR LADY SHE WORKS HARD

[@ShidaiTaino]

John O'brien she does. No one wants her job. Being monarch and staying monarch is not easily

[@drjustin84]

@@ShidaiTaino shut up

[@Jesica987]

It's 2024

[@centredoorplugsthornton4112]

Couple weeks after the Bill Grundy Today show had the Sex Pistols.

[@neuralyser]

A hurricane of change is what is required...and it came in the form of Britain's first woman Prime Minister

[@drjustin84]

she ruined millions lives

[@Myndir]

@@drjustin84 There was no easy way out of the 1970s mess. No country escaped that high inflation without unemployment, but the UK went from a slow grower to an average grower.

[@drjustin84]

@@Myndir It went from a slow grower to a no grower. You can’t defund everything for the sake of the “invisible hand”. I mean, even the French economy is stronger now.

[@Pickettytitch69-om7nk]

2024....UK all set to outperform France, Germany and ...yes....even Germany.

[@moveitmedia]

similar problems with brexit today

[@thezootopiahusky]

How about Article 13 problem?

That's a lot of off-topic ! Brexit, Article 13,...

[@xSUBIACOx]

FYI ~ INFLATION NEVER PASSED 25% IN THE UK IN THE SEVENTIES.

[@lennylaa1686]

Wrong - it peaked at 27% in June, 1975...thanks to Labour handing out 40% pay rises to the miners and all the other trade union tyrants.

[@xSUBIACOx]

@@lennylaa1686 You are correct, but on no decent, moral ground would I EVER call the working class and their representatives 'tyrants.' Please check yourself in future.

[@lennylaa1686]

@@xSUBIACOx That's a mild adjective! Most UK unions were led by destructive Commies and Marxists, hell-bent on destroying British capitalism and society. They did immense damage to our country. They were a cancer. I lived through it all.

[@xSUBIACOx]

@@lennylaa1686 ..or simply wanting a fairer wage, conditions, health, safety, workers' rights as regards being a human being? Is that what you mean bu TYRANTS? You like an ASSHOLE to me, a typically selfish, right-wing asshole at that. BE DONE, those days are gone.

[@malthusXIII-fo3ep]

@@xSUBIACOx Unions caused immense damage to UK commerce and industry throughout the 60's and 70's. They destroyed the car industry by relentlessly striking...like lemmings over a cliff. We had a rust bucket state industry, chronically overmanned, never made a profit soaking up tax cash bail-outs.

[@bullforcetrading9995]

This will be the United States soon.

[@AndreiTupolev]

all because of bloody Brexit.

[@rosie.t408]

Brexit didn’t exist yet bro

[@AndreiTupolev]

@@rosie.t408 I know, I was being sarcastic

[@HwoarangtheBoomerang]

Feel so bad for the monarchy.

[@annother3350]

Why? They dont like us

[@betofogo17]

...and then punk was born. Father socialism, mother royalty.

[@rlane63]

Britain had a distinct culture the whole world respected in the past. Nowadays we are 'multicultural'=no culture and a soft touch. No uniqueness and the UK could be any part of the third world. Why didn't I get a say in this country changing so radically and permanently in my lifetime? Britain's population is pretty much 'brown people' in our cities, many of them are probably harder working than many white people, but I didn't want this change and it is more important to me than economics and prosperity! REPLY

[@TheMrgoodmanners]

trust me roger, very few people outside uk actually give a hoot abt it. you really are that inconsequential internationally nowadays, and remember it is britain who drove multiculturalism down the worlds throat for 300yrs, you are the reason the US, south africa, palestine and india are the way they are and in the chaos they are in at present due to multiculturalism.

Bro, you for real ?

[@whatisequality3753]

You are an idiot, Britain is not a white country its is multicultural and has been since you invade africa/India/Asia

[@WiiNV]

L🤡L The Royal Families convoluted ancestry confirms your Theory on British Multiculturalism! 🤣 www.express.co.uk/news/royal/1328754/European-royal-family-Queen-Victoria-Spain-Norway-Denmark-royal

[@MarineAqua45]

@@whatisequality3753 It only become multi-cultural,when Labour invited the colonial-peoples to settle over here. Before that,very few coloured people,lived over in Britain. The progressives changed things.

[@paulforrester2114]

2020 will be like this and beyond under the cons

[@abeYAHU]

2021

[@jonathanyoung4605]

All signs point to this style under labour...... not boris. Dont get me wrong social side of government always suffer under the Tories but business has never been a fan of the left.

[@Pickettytitch69-om7nk]

What you see here paul happened under Old Socialist Labour,...culminated in the disastrous 1979 ''Winter Of Discontent''. UK on it's knees.

[@drjustin84]

and then maggie used all this to reinstate feudalism!

[@pi3210]

This is also UK after Brexit ha ha ! Poverty has back Brexiters !!!

[@jonathanyoung4605]

You clearly don't know anything about the economy, for a start it's a very different type to the one back then. The UK dont really make much these days, alot is now the service sector. Alot of what we went through in the 70's is something Europe has yet to go through.

[@bessey-hn5vt]

Investing in crypto now is very cool especially with the current rise in the market now.

[@Brucephilip1568]

My first experience with her gave me the assurance that had made me to invest without the fear of loosing. Those Scammers they promise to make up to $50,000 profit with the space of 7days with just $500 to invest and end up not even refunding your capita, but Rose Gorge is a woman of integrity I'm now a creditor not debtor anymore

[@johnnyb8825]

If things seemed bad in 1976, they got a hell of a lot worse a few years later after Margaret Thatcher won the General Election (at least with regard to unemployment). Look at this graph. en.wikipedia.org/wiki/Unemployment_in_the_United_Kingdom#/media/File:United_Kingdom_unemployment_1881-2017.png