I'll Make Do with Seventies Spirit, Not Posh Gals Sewing On Buttons [Scot Region]

Summary

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I'VE been thinking about the last time Britain was in an economic crisis. It was 1973 and Ted Heath had declared a three-day week. At the time, aged 15, I had no idea why it was happening. When I asked my dad he said it was because of 'the bloody miners'.

Looking back, the causes of the crisis then and the one we face now are eerily similar. In 1971 and 1972, Heath's Government had cut interest rates and taxes and increased public spending.

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I'll Make Do with Seventies Spirit, Not Posh Gals Sewing On Buttons [Scot Region]

In October 1973, the Yom Kippur War meant the price of oil increased fivefold.

The miners did indeed go on strike. Banks, too, were emerging out of the Dark Ages, and were allowed to lend more freely.

It...

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