Labour Chancellor of the Exchequer who sought the 1976 IMF loan
Born in Mottingham, Kent, Healey studied at Balliol College, Oxford, where he was a member of the Communist Party from 1937 to 1940. After serving as a Major in the Second World War he became secretary of the Labour Party's international department and entered Parliament in 1952. He was Defence Secretary (1964–1970) and, as Chancellor of the Exchequer from 1974 to 1979, began with proposals for a wealth tax and higher benefits but in the sterling crisis of 1976 asked the IMF for a $3.9 billion loan and accepted public spending cuts. He was Deputy Leader of the Labour Party from 1980 to 1983.
Also known as: Denis Winston Healey
Activities and affiliations
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1937–1940
Communist Party of Great Britain (CPGB)
Government and administration -
1945–2015
Government and administration
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1964–1970
United Kingdom state institutionsSecretary of State for Defence
Military command -
1974–1979
United Kingdom state institutionsChancellor of the ExchequerMain
Government and administration
Career Timeline
- 1937–1940Member of the Communist Party
- 1945Secretary of the Labour Party's international department
- 1952–1992Member of Parliament
- 1964–1970Secretary of State for Defence
- 1974.03–1979Chancellor of the Exchequer
- 1976.12.15Announced the IMF loan in Parliament
- 1980–1983Deputy Leader of the Labour Party
Related historical events
- 1971.08.15–1980The crisis of the 1970s: the Nixon shock, the oil shocks and stagflationChancellor of the ExchequerNegotiated the $3.9 billion IMF loan of 1976 and carried through the public spending cuts that were its condition.
- 1979.05.04–1985.09.22The neoliberal turn: the Volcker shock, Thatcher and ReaganChancellor of the Exchequer (Labour)Before Thatcher, had already adopted some monetarist policies, such as reducing public spending and selling the government's shares in BP.