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Sterling Crisis (1976)
The 1976 sterling crisis was a currency crisis in the United Kingdom. Inflation (at close to 25% in 1975, causing high bond yields and borrowing costs), a balance of payments deficit, a public spending deficit, and the 1973 oil crisis were contributors. The origins of the crisis are traced to the 1972 Conservative "spend for growth" budget that initiated the inflation cycle. James Callaghan's Labour government had to borrow $3.9 billion from the International Monetary Fund (IMF), with the intention of maintaining the value of sterling. At the time this was the largest loan ever to have been requested from the IMF. History Initiation of the inflationary cycle is traced to Anthony Barber's 1972 budget which was designed to return the Conservatives to power in an election expected in 1974 or 1975. This budget led to a brief period growth known as "The Barber Boom," followed by a wage-price spiral, high inflation and currency depreciation, culminating in the 1976 st ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uk Inflation History
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, and many smaller islands within the British Isles. Northern Ireland shares a land border with the Republic of Ireland; otherwise, the United Kingdom is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. The total area of the United Kingdom is , with an estimated 2020 population of more than 67 million people. The United Kingdom has evolved from a series of annexations, unions and separations of constituent countries over several hundred years. The Treaty of Union between the Kingdom of England (which included Wales, annexed in 1542) and the Kingdom of Scotland in 1707 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pay Board
The Price Commission was set up in the UK under the Counter-Inflation Act 1973, alongside the Pay Board, in an attempt to control inflation. The Conservative government of Edward Heath, elected at the 1970 general election, had previously abolished the Prices and Incomes Board in November 1970, shortly after taking power, relying on competition to keep prices down. At the same time, the Industrial Relations Act 1971 was intended to rein in the trades unions. The Conservatives' economic policy was not successful, and the government took a U-turn. A 90-day freeze of pay and prices (as well as rents and dividends) was introduced on 6 November 1972 under the Counter-Inflation (Temporary Provisions) Act 1972. This was replaced by a Price and Pay Code, which strictly limited increases, supervised by a new Price Commission and a Pay Board. The Conservatives were unable to keep power after the inconclusive February 1974 UK general election, and the Pay Board was abolished in July ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Six-Day War
The Six-Day War (, ; ar, النكسة, , or ) or June War, also known as the 1967 Arab–Israeli War or Third Arab–Israeli War, was fought between Israel and a coalition of Arab world, Arab states (primarily United Arab Republic, Egypt, Syria, and Jordan) from 5 to 10 June 1967. Escalated hostilities broke out amid poor relations between Israel and its Arab neighbours following the 1949 Armistice Agreements, which were signed at the end of the 1948 Arab–Israeli War, First Arab–Israeli War. Earlier, in 1956, regional tensions over the Straits of Tiran escalated in what became known as the Suez Crisis, when Israel invaded Egypt over the Israeli passage through the Suez Canal and Straits of Tiran, Egyptian closure of maritime passageways to Israeli shipping, ultimately resulting in the re-opening of the Straits of Tiran to Israel as well as the deployment of the United Nations Emergency Force (UNEF) along the Borders of Israel#Border with Egypt, Egypt–Israel border. In ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Closure Of The Suez Canal (1967–1975)
On 6 June 1967 the Suez Canal was closed shortly after the start of the Six-Day War or Third Arab–Israeli War. Israel bombed most of Egypt's airfields and then entered and occupied the Sinai Peninsula, all the way to the Suez Canal, for 15 years. Gamal Abdel Nasser, the leader of Egypt at the time, was aligning himself with the Soviet Union and had the Suez Canal closed earlier from October 1956 until March 1957 during the Suez Crisis, when he nationalized the Suez Canal from French and British investors. Oil through the Suez Canal accounted for 60% of Italy's, 39% of France's, and 25% of Britain's total oil consumption in 1966 before the canal was closed for 8 years. The canal opened again in June 1975 after the 1974 Suez Canal Clearance Operation of mines and debris. Oil embargo In October 1973 the Yom Kippur War started when Egypt crossed the Suez Canal in Operation Badr that ended in a failed attempt to take back the Sinai Peninsula from Israel. That resulted in OAPEC ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Suez Canal
The Suez Canal ( arz, قَنَاةُ ٱلسُّوَيْسِ, ') is an artificial sea-level waterway in Egypt, connecting the Mediterranean Sea to the Red Sea through the Isthmus of Suez and dividing Africa and Asia. The long canal is a popular trade route between Europe and Asia. In 1858, Ferdinand de Lesseps formed the Suez Canal Company for the express purpose of building the canal. Construction of the canal lasted from 1859 to 1869. The canal officially opened on 17 November 1869. It offers vessels a direct route between the North Atlantic and northern Indian oceans via the Mediterranean Sea and the Red Sea, avoiding the South Atlantic and southern Indian oceans and reducing the journey distance from the Arabian Sea to London by approximately , or 10 days at to 8 days at . The canal extends from the northern terminus of Port Said to the southern terminus of Port Tewfik at the city of Suez. In 2021, more than 20,600 vessels traversed the canal (an average of 56 per day). T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
US Dollar
The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official currency of the United States and several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar, divided it into 100 cents, and authorized the minting of coins denominated in dollars and cents. U.S. banknotes are issued in the form of Federal Reserve Notes, popularly called greenbacks due to their predominantly green color. The monetary policy of the United States is conducted by the Federal Reserve System, which acts as the nation's central bank. The U.S. dollar was originally defined under a bimetallic standard of (0.7735 troy ounces) fine silver or, from 1837, fine gold, or $20.67 per troy ounce. The Gold Standard Act of 1900 linked the dollar solely to gold. From 1934, its equi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pound Sterling
Sterling (abbreviation: stg; Other spelling styles, such as STG and Stg, are also seen. ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound ( sign: £) is the main unit of sterling, and the word "pound" is also used to refer to the British currency generally, often qualified in international contexts as the British pound or the pound sterling. Sterling is the world's oldest currency that is still in use and that has been in continuous use since its inception. It is currently the fourth most-traded currency in the foreign exchange market, after the United States dollar, the euro, and the Japanese yen. Together with those three currencies and Renminbi, it forms the basket of currencies which calculate the value of IMF special drawing rights. As of mid-2021, sterling is also the fourth most-held reserve currency in global reserves. The Bank of England is the central bank for sterling, issuing its own banknotes, and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
House Of Commons Of The United Kingdom
The House of Commons is the lower house of the Parliament of the United Kingdom. Like the upper house, the House of Lords, it meets in the Palace of Westminster in London, England. The House of Commons is an elected body consisting of 650 members known as members of Parliament (MPs). MPs are elected to represent constituencies by the first-past-the-post system and hold their seats until Parliament is dissolved. The House of Commons of England started to evolve in the 13th and 14th centuries. In 1707 it became the House of Commons of Great Britain after the political union with Scotland, and from 1800 it also became the House of Commons for Ireland after the political union of Great Britain and Ireland. In 1922, the body became the House of Commons of the United Kingdom of Great Britain and Northern Ireland after the independence of the Irish Free State. Under the Parliament Acts 1911 and 1949, the Lords' power to reject legislation was reduced to a delaying power. The g ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
White Paper
A white paper is a report or guide that informs readers concisely about a complex issue and presents the issuing body's philosophy on the matter. It is meant to help readers understand an issue, solve a problem, or make a decision. A white paper is the first document researchers should read to better understand a core concept or idea. The term originated in the 1920s to mean a type of position paper or industry report published by some department of the UK government. Since the 1990s, this type of document has proliferated in business. Today, a business-to-business (B2B) white paper is closer to a marketing presentation, a form of content meant to persuade customers and partners and promote a certain product or viewpoint. That makes B2B white papers a type of grey literature. In government The term ''white paper'' originated with the British government and many point to the Churchill White Paper of 1922 as the earliest well-known example under this name. Gertrude Bell, the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Expenditure
Public expenditure is spending made by the government of a country on collective needs and wants, such as pension, provisions, security, infrastructure, etc. Until the 19th century, public expenditure was limited as laissez faire philosophies believed that money left in private hands could bring better returns. In the 20th century, John Maynard Keynes argued the role of public expenditure in determining levels of income and distribution in the economy. Since then, government expenditures has shown an increasing trend. Sources of government revenue include taxes, and non-tax revenues. In the 17th and the 18th centuries, public expenditure was considered a wastage of money. Thinkers believed government should stay with their traditional functions of spending on defense and maintaining law and order. Theories of public expenditure Several theories of taxation exist in public economics. Governments at all levels (national, regional and local) need to raise revenue from a variety ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreign Exchange Market
The foreign exchange market (Forex, FX, or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This market determines foreign exchange rates for every currency. It includes all aspects of buying, selling and exchanging currencies at current or determined prices. In terms of trading volume, it is by far the largest market in the world, followed by the credit market. The main participants in this market are the larger international banks. Financial centers around the world function as anchors of trading between a wide range of multiple types of buyers and sellers around the clock, with the exception of weekends. Since currencies are always traded in pairs, the foreign exchange market does not set a currency's absolute value but rather determines its relative value by setting the market price of one currency if paid for with another. Ex: USD 1 is worth X CAD, or CHF, or JPY, etc. The foreign exchange market works thro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government of the United Kingdom, it is the world's eighth-oldest bank. It was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946 by the Attlee ministry. The Bank became an independent public organisation in 1998, wholly owned by the Treasury Solicitor on behalf of the government, with a mandate to support the economic policies of the government of the day, but independence in maintaining price stability. The Bank is one of eight banks authorised to issue banknotes in the United Kingdom, has a monopoly on the issue of banknotes in England and Wales, and regulates the issue of banknotes by commercial banks in Scotland and Northern Ireland. The Bank's Monetary Policy Committee has devolved responsibility for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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