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The Winter of Discontent was the period between late September 1978 and February 1979 in the United Kingdom characterised by widespread strikes by private, and later public, sector trade unions demanding pay rises greater than the limits Prime Minister James Callaghan and his Labour Party government had been imposing, against Trades Union Congress (TUC) opposition, to control inflation.
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. [ 1 ] The origins of the crisis have been attributed to the 1972 Conservative "spend for growth" budget initiating the inflation cycle.
The Great Depression of 1929–32 broke out at a time when the United Kingdom was still far from having recovered from the effects of the First World War. Economist Lee Ohanian showed that economic output fell by 25% between 1918 and 1921 and did not recover until the end of the Great Depression, [3] arguing that the United Kingdom suffered a 20-year great depression beginning in 1918.
The BoE remains hesitant to give inflation the opportunity to rise again, so won’t lower interest rates too quickly, but lower mortgage repayments and borrowing rates were the big wins to take ...
There are three forms of political mobilisation which populists have adopted: that of the populist leader, the populist political party, and the populist social movement. [182] The reasons why voters are attracted to populists differ, but common catalysts for the rise of populists include dramatic economic decline or a systematic corruption ...
The inflation rate refers to how quickly prices are going up. May’s inflation rate of 2% means that if an item cost £100 a year ago, the same thing would now cost £102.
The UK government went all out to prop up the economy through the Covid pandemic and the initial phase of Russia’s war in Ukraine. Now, the bill is starting to bite.
The populist nature of the referendum was an incentive for many to take the opportunity they felt they had to have their voices heard over those of the elite and vote 'leave'. [citation needed] Farage further used his populist platform to spread a racial rhetoric against immigrants entering the United Kingdom.