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1976 Sterling Crisis
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 have been attributed to the 1972 Conservative "spend for growth" budget initiating 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 of growth known as "The Barber Boom," followed by a wage-price spiral, high inflation and currency depreciation, culminating ... [...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 Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The UK includes the island of Great Britain, the north-eastern part of the island of Ireland, and most of List of islands of the United Kingdom, the smaller islands within the British Isles, covering . Northern Ireland shares Republic of Ireland–United Kingdom border, a land border with the Republic of Ireland; otherwise, the UK is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. It maintains sovereignty over the British Overseas Territories, which are located across various oceans and seas globally. The UK had an estimated population of over 68.2 million people in 2023. The capital and largest city of both England and the UK is London. The cities o ... [...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 Ju ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Closure Of The Suez Canal (1967–1975)
On 6 June 1967, after the start of the Six-Day War, Egypt closed the Suez Canal, which it owned and operated, and kept it closed until 5 June 1975, through most of the Israeli occupation of the Sinai Peninsula including the east bank of the Canal. The Six-Day War had begun the day before the closure on 5 June 1967 between Israel and several Arab states including Egypt. Israel bombed most of Egypt's airfields and then entered and occupied the Sinai Peninsula including the entire east bank of the Suez Canal. The Suez Canal was therefore the frontline between the Israeli and Egyptian military forces. Israel built the Bar Lev Line of fortifications along the east bank of the canal. In 1966, 60% of Italy's, 39% of France's, and 25% of Britain's total oil consumption passed through the Suez Canal. The prior 1956–57 closure The Canal had been closed before, from October 1956 until March 1957 during the Suez Crisis, when Gamal Abdel Nasser, the leader of Egypt at the time, was ali ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Suez Canal
The Suez Canal (; , ') is an artificial sea-level waterway in Egypt, Indo-Mediterranean, connecting the Mediterranean Sea to the Red Sea through the Isthmus of Suez and dividing Africa and Asia (and by extension, the Sinai Peninsula from the rest of Egypt). The canal is a key trade route between Europe and Asia. In 1858, French diplomat Ferdinand de Lesseps formed the Suez Canal Company, Compagnie de Suez 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 Atlantic Ocean#North Atlantic, North Atlantic and northern Indian Ocean, 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 , to 10 days at or 8 days at . The canal extends from the northern terminus of Port Said to the southern terminus of Port ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
US Dollar
The United States dollar (symbol: $; currency code: USD) 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 U.S. dollar was originally defined under a bimetallic standard of (0.7734375 troy ounces) fine silver or, from 1834, fine gold, or $20.67 per troy ounce. The Gold Standard Act of 1900 linked the dollar solely to gold. From 1934, its equivalence to gold was revised to $35 per troy ounce. In 1971 all links to gold were repealed. The U.S. dollar became an important international reserve currency after the First World War, and displaced the pound sterling as the world's primary reserve currency by the Bretton Woods Ag ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pound Sterling
Sterling (symbol: £; currency code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound 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 in continuous use since its inception. In 2022, it was 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 the renminbi, it forms the basket of currencies that calculate the value of IMF special drawing rights. As of late 2022, 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 regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Sterling banknotes issu ... [...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 Member of Parliament (United Kingdom), members of Parliament (MPs), who are elected to represent United Kingdom constituencies, constituencies by the First-past-the-post voting, first-past-the-post system and hold their seats until Dissolution of the Parliament of the United Kingdom, Parliament is dissolved. The House of Commons of England began to evolve in the 13th and 14th centuries. In 1707 it became the House of Commons of Great Britain after the Acts of Union 1707, political union with Scotland, and from 1801 it also became the House of Commons for Ireland after the Acts of Union 1800, political union of Great Britain and Ireland. In 1922, the body became the House of Commons of the United Kingdom of Great Britain and No ... [...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. Since the 1990s, this type of document has proliferated in business. Today, a business-to-business (B2B) white paper falls under grey literature, more akin to a marketing presentation meant to persuade customers and partners, and promote a certain product or viewpoint. The term originated in the 1920s to mean a type of position paper or industry report published by a department of the UK government. Corporate and academic The most prolific publishers of white papers are corporate and academic organizations. In larger organizations, internal technical writers produce these documents based on the outlines and data an internal industry or academic expert develops and provides. White papers often follow strict industry styles and formats with a centr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Expenditure
In public relations and communication science, publics are groups of individual people, and the public (a.k.a. the general public) is the totality of such groupings. This is a different concept to the sociological concept of the ''Öffentlichkeit'' or public sphere. The concept of a public has also been defined in political science, psychology, marketing, and advertising. In public relations and communication science, it is one of the more ambiguous concepts in the field. Although it has definitions in the theory of the field that have been formulated from the early 20th century onwards, and suffered more recent years from being blurred, as a result of conflation of the idea of a public with the notions of audience, market segment, community, constituency, and stakeholder. Etymology and definitions The name "public" originates with the Latin '' publicus'' (also '' poplicus''), from ''populus'', to the English word ' populace', and in general denotes some mass population ("the ... [...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. By trading volume, it is by far the largest market in the world, followed by the credit market. The main participants are the larger international banks. Financial centres function as anchors of trading between a range of multiple types of buyers and sellers around the clock, with the exception of weekends. As currencies are always traded in pairs, the 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. Example: 1 USD is worth 1.1 Euros or 1.2 Swiss Francs etc. The market works through financial institutions and operates on several levels. Behind the scenes, banks turn to a smaller number of financial firms known as "dealers", who are involve ... [...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 Kingdom of England, English Government's banker and debt manager, and still one of the bankers for the government of the United Kingdom, it is the world's second oldest central bank. The bank was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946 by the Attlee ministry. In 1998 it became an independent public organisation, 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. In the 21st century the bank took on increased responsibility for maintaining and monitoring financial stability in the UK, and it increasingly functions as a statutory Financial regulation, regulator. The bank's headquarters have been in London's main financial di ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prime Minister Of The United Kingdom
The prime minister of the United Kingdom is the head of government of the United Kingdom. The prime minister Advice (constitutional law), advises the Monarchy of the United Kingdom, sovereign on the exercise of much of the Royal prerogative in the United Kingdom, royal prerogative, chairs the Cabinet of the United Kingdom, Cabinet, and selects its Minister of the Crown, ministers. Modern prime ministers hold office by virtue of their ability to command the confidence of the House of Commons of the United Kingdom, House of Commons, so they are invariably Member of Parliament (United Kingdom), members of Parliament. The office of prime minister is not established by any statute or constitutional document, but exists only by long-established Constitutional conventions of the United Kingdom, convention, whereby the monarch appoints as prime minister the person most likely to Confidence motions in the United Kingdom, command the confidence of the House of Commons. In practice, thi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
