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The Guardian - UK
The Guardian - UK
National
Martin Belam

A look back to 1972, the last time tax cuts so big were brought in

Anthony Barber Brian Clough Derby County Harold Wilson BBC One Ford NASA Top of Pops
Chancellor Anthony Barber outside 11 Downing Street in 1971
Chancellor Anthony Barber outside 11 Downing Street in 1971. Photograph: William Lovelace/Getty Images

The Institute for Fiscal Studies has said Kwasi Kwarteng’s announcement on Friday amounts to the biggest tax-cutting budget since Anthony Barber’s on the 21 March 1972, just over 50 years ago. Here is a roundup of some of the prices you would have been paying, and things you might have been watching and listening to at the time.

Cost of living crisis, 1972 style

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