Comments by "gerhard7" (@gerhard7323) on "Could the UK go bust like it nearly did in 1976" video.

  1. The most precipitous, sustained drop in the value of the Pound vs the Euro occurred whilst the UK was still IN the EU in the Noughties, not so much after Brexit. Whilst it lost the bulk of its value against the USD in the early 1980s, another big fall against the Dollar, again whilst in the EU, occurred after 2008.
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  2. The events of 1976 ie using the UK's foreign currency reserves to prop up the Pound, also brings into sharp focus the sheer idiocy of Gordon Brown's decision to sell off UK gold near the bottom of the market whilst Chancellor. How this man, like ALL New Labour's leading lights, has ANY credibility left remains an eternal mystery. I wouldn't trust him to run a whelk stall as my dear old nan used to say.
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  3. 1976 was essentially a foreign currency crisis for the UK. The country was certainly NOT going bust as some still like to claim even today. The country had no need to go cap in hand to the IMF in 1976, but it seems that then Chancellor Healey was convinced by senior figures at the Treasury that he must. Labour's Healey after having in 1974 promised to ''squeeze property speculators until the pips squeak," one can't help but wonder whether there were darker political forces at work there.
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