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Wilson Resigns
In 1976 Harold Wilson resigned. Although this surprised almost everyone in politics, Wilson had always said that he would not stay long after the 1974 election. James Callaghan was Wilson's chosen successor, but in the party leadership election, opposition was formidable (see below). But Callaghan was successful and set out to reduce inflation and unemployment. In September the pound dived. The government had to go to the International Monetary Fund and borrow as much as it could. Bank rates and mortgages increased.
James Callaghan |
LORD (LEONARD JAMES) CALLAGHAN (born 1912)- Born and educated in Portsmouth
- Began work for the Inland Revenue in 1929
- Elected Labour MP for South Cardiff in 1945
- Contested the Labour Party leadership on the resignation of Hugh Gaitskell but lost to Harold Wilson
- Became Chancellor of the Exchequer in Wilson's 1964 administration
- Introduced corporation tax and capital gains tax
- Became Home Secretary in 1967 and Foreign Secretary in 1974
- Responsible for renegotiating Britain's entry into the EEC
- Became Prime Minister in 1976 on Wilson's resignation, agreeing a pact with the Liberals in order to stay in office
- Strike action
- Forced by strike action to call a general election in 1979 which he lost to Margaret Thatcher
- Resigned in 1980
- Became a life peer
In 1976 Chairman Mao died
 
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| 1973 | Britain joins the EEC
VAT is introduced
Yom Kippur War
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| 1974 | Labour win General Election. Harold Wilson once more PM
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| 1975 | British EEC Referendum
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| 1976 | Harold Wilson resigns as leader of Labour Party. James Callaghan succeeds him as leader and PM
Race Relations Act
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| 1977 | Nationalisation of aircraft industry
Jimmy Carter becomes President of the USA
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| 1978 | New pope is John Paul II
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| 1979 | Tories win General Election. Margaret Thatcher becomes Britain's first woman PM
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| 1980 | Zimbabwe independence
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| 1981 | Nott Defence review
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| 1982 | Falklands War
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| 1983 | Tories win General Election
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| 1984 | Coal Miners strike
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| James Callaghan's Opponents In The Campaign To Replace Harold Wilson As Prime Minister | | • | Michael Foot |
| • | Roy Jenkins |
| • | Tony Benn |
| • | William Whitelaw |
| • | Denis Healey |
| • | Tony Crosland |
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