The Callaghan Government, coming to their inevitable end in 1979, continued with the public spending cuts that were necessary to get out of the last very Deep Fiscal Crisis that we experienced, which had caused them to go to the IMF.

As a result, there is a Deep Fiscal Crisis, with tax increases and restraint on public spending hitting every family in the country, and a legacy of rising unemployment because of the credit crunch and bank financing for small businesses.