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| 1976, March |
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| Faced with severe inflation, which under his administration had reached an unprecedented 17 percent, Prime Minister Harold Wilson resigned. He was replaced the following month by his former foreign secretary James Callaghan. | 1 |
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| 1977, March |
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| Liberals entered into a parliamentary coalition with the Labour Party to keep Callaghan's government in power. | 2 |
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| May 7–8 |
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| Leaders of the world's seven major industrialized nations, the Group of Seven (G-7) (See Evolution of International Economic Structures) held an economic summit conference in London to coordinate policies on global inflation and recession and to create a multibillion-dollar cushion, through the International Monetary Fund, against trade deficits caused by rising oil prices. | 3 |
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