In 1977, Britain was broke. The year before, prime minister James Callaghan had been forced to borrow $3.9 billion (about £2.2 billion then) from the Internatio
n 1977, Britain was broke. The year before, prime minister James Callaghan had been forced to borrow $3.9 billion from the International Monetary Fund to stabilise the pound. By the time of the Queen’s Silver Jubilee in June, inflation was at 16.1 per cent.
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