Financial Crisis
Soon after the election the massive inflation caused by the Yom Kippur War caused havoc with the GLC finances. Goodwin was forced to cut investment programmes and increase transport fares and as a result became unpopular with the left. His attempts to conciliate with them caused resignations among the right-wing Labour councillors. Goodwin's exceptionally discrete personal style meant that he was rarely targeted personally, but left him with few political friends.
He was re-elected Leader when Labour lost the 1977 GLC election but few expected him to continue in the post. He announced his resignation very suddenly by leaving 28 copies (one for every member of the Labour Group) of a resignation letter on the desk of the Chief Whip, with a note suggesting he might like to distribute them. On taking his seat on the backbenches he remarked "I'm glad to be sitting here, because fewer of my friends are behind me."
Read more about this topic: Reg Goodwin
Famous quotes containing the words financial and/or crisis:
“The woman who does her job for society inside the four walls of her home must not be considered by her husband or anyone else an economic “dependent,” reaching out her hands in mendicant fashion for financial help.”
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“In crisis is cleverness born.”
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