sep 1, 1976 - The Government turned to the International Monetary Fund

Description:

Investors had resulted that the British pound was being traded for more than it was worth. This caused the US Treasury Secretary concluded that the pound was undervalued and offered a loan of $5.3billion that would need to be repaid by December 1976. this forced the government to have a loan for $3.9 billion from the International Monetary Fund. However Britain still needed to cut public expenditure (governement spending on goods).