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:
“There is no legislation—I care not what it is—tariff, railroads, corporations, or of a general political character, that all equals in importance the putting of our banking and currency system on the sound basis proposed in the National Monetary Commission plan.”
—William Howard Taft (1857–1930)
“I am advised that there is an unexpended balance of about $45,000 of the fund appropriated for the relief of the sufferers by flood upon the Mississippi River and its tributaries, and I recommend that authority be given to use this fund to meet the most urgent necessities of the poorer people in Oklahoma.”
—Benjamin Harrison (1833–1901)