A Long Time in Finance: 1976, the year Britain went bust
Neil and Jonathan talk to economist Duncan Weldon about the 1976 "bailout" and the parallels with Reeves's current predicament.
In 1976, the Labour government went "cap in hand" to the IMF for a loan to tide it through deteriorating economic conditions. The price was large cuts in public spending.
Neil Collins and Jonathan Ford talk to economist and author Duncan Weldon about the "bailout", what caused it, the changes it brought, and whether there are any parallels to the predicament faced by Rachel Reeves.