Reference some of the 1970/80/90's Yah Booing posts above. I think we need a history lesson here - in 1976 the country was on the verge of bankrupcy and the then Labour Govt made application to the IMF for the biggest ever bailout they'd been asked for $4 billion. It was only because of North Sea Oil revenues kicking in over the next couple of years that not all the loan was taken up. There then followed the Winter of Discontent fuelled by Labour/IMF Public Sector pay freezes and cuts.
