Over the last few years we've had it rammed down our throats how bad an economic state the country is in but compared with the mid-70s the situation in which we find ourselves today is a picnic. In 1975 inflation stood at 24.2% which was the highest it had been since 1800 and Britain was at the bottom of a double-dip recession. For many years the country had been spending far more than it had been earning and in consequence Labour Prime Minister Harold Wilson was warned that the economy faced "possible wholesale domestic liquidation" unless he did something about it.
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