The RAWP formula was carried through before the International Monetary Fund Crisis.

The fall in expenditure in real terms after 1974–75 was partly the result of the Labour Government having to deal with the International Monetary Fund Crisis.

HM Treasury forecast a deficit of £175 billion for the current fiscal year-the current forecast is around £12 billion less than that-but that is almost twice as bad in percentage terms as the UK's deficit at the height of the International Monetary Fund Crisis of the mid-1970s.

Even during the International Monetary Fund Crisis in the mid-1970s, things never got so tough that the Government of the day felt the need to interfere with child benefit.

During the 1976 International Monetary Fund Crisis, the Labour Government of the time faced one of the largest crises of confidence in the British economy since the second world war.