Decline to Fall : The Making of British Macro-economic Policy and the 1976 IMF Crisis

Written by the former Permanent Secretary to HM Treasury, Sir Douglas Wass, Decline to Fall traces the unusual events of the 1976 IMF crisis which saw the UK government accept a massive loan from the IMF. Using a wealth of documentation, Sir Douglas questions the inevitability of the crisis and the measures taken to resolve it.

This book provides the first comprehensive and authoritative account of the events leading up to the UK seeking a massive loan from the IMF in 1976 which almost precipitated a financial crisis on a par with those of the 1930''s and early post war period. Sir Douglas Wass, who was permanent Secretary to the Treasury at the time, provides a unique first hand account of the events that took place as the crisis unfolded and the decision-making process. Bringing unrivalled experience and knowledge of Whitehall to the narrative, he draws on recently released documents such as official Treasury minutes, memoranda, official statements and reports, IMF documents and blends them with his own assessment of this key period of policy making to provide a fascinating, blow-by-blow account of how the Treasury reacted when faced with a series of inter-locking crises. Decline to Fall will be a must read for anyone interested in the formulation of policy and the workings of government.