In the end, it was Prime Minister Harold Wilson himself and not Chancellor of the Exchequer Denis Healey who stepped up to the dispatch box in the House of Commons. In the ominous tones he reserves for grave occasions, Wilson told the House of the "economic catastrophe" facing the country. To reverse the tide of inflation (running at an annual rate of 28%) and to calm the jitters of foreign creditors who had caused the pound sterling to hit an all-time low, Wilson formally spelled out the details of Healey's proposed new program of wage, price and dividend controls...
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