Formerly Chancellor of the Exchequer, Home Secretary and Foreign Secretary, nobody was better qualified in terms of experience than Jim Callaghan. But his inheritance on entering No. 10 in 1976 was an economic crisis that led to the IMF bailout later that year. In vain had Callaghan tried informally to avoid the IMF by obtaining a loan from Helmut Schmidt the West German Chancellor. With inflation curbed and the IMF mandated policies apparently working, Callaghan was tempted to hold an election in 1978. Resisting the temptation exposed his government to the Winter of Discontent which swung public opinion in the direction of Margaret Thatcher’s Conservatives. Gracious in defeat, Callaghan said that it was a mark of social progress to have the first woman Prime Minister.
This lecture is part of the 'One-Term Prime Ministers: Their Reputations Revised?' lecture series, taking place on Fridays from 30th January 2026 to the 6th March 2026. You may either register for individual lectures or the entire lecture series at a reduced price.
This lecture will close to enrolments at 23:59 GMT on 17 February 2026.