UK teeters on economic collapse Telegraph

Britain is facing the prospect of a repeat of its crippling 1976 economic crash as soaring debt and borrowing costs raise doubts over Labour's budget policies, leading economists have warned, according to a Telegraph report.

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The crisis nearly 50 years ago saw a Labour government forced to seek an emergency loan from the International Monetary Fund (IMF) after deficits and inflation spun out of control.

It became one of Britain's worst postwar crises, with the bailout bringing deep spending cuts and Labour losing power a few years later.