King Sasanka – Sri Lankan Writer & Retired Aviation Professional.

This article not only highlights the immediate economic challenges facing the UK and France but also ties these to ongoing ideological debates about socialism's efficacy. In recent weeks, growing speculation has emerged that both the United Kingdom and France may be on the path to seeking bailout packages from the International Monetary Fund (IMF), a dire economic signal not seen since the 1970s for the UK and an alarming prospect for France. The mounting public debt, escalating deficits, and soaring borrowing costs in these nations have reignited long-standing debates on the impact of socialist-leaning fiscal policies that prioritise heavy government spending without sustainable revenue generation. UK: Memories of the 1970s Debt Crisis Revisited Reports from respected sources warn that the UK's current economic trajectory under Chancellor Rachel Reeves resembles the perilous 1970s when the country was forced to borrow billions from the IMF. Led by tax-and-spend policies, t...