Cataclysmic descriptions about the economic damage caused by the virus lockdown are difficult to gauge since no one knows whether it’ll be a V-shaped dip with quick recovery or an L-shaped slog. The more dramatic couch it in terms of a historic first in direness. Though parallels are being drawn with the 1976 humiliation for the UK when it was forced to go cap in hand to the IMF for a loan. The PM of the day James Callaghan said: “We used to think you could spend your way out of a recession and increase employment by cutting taxes and boosting government spending. I tell you in all candour, that option no longer exists.” What followed was a reduction in government spending, tax increases and rises in interest rates. The economy did recover and the loan was paid back within three years but it ultimately paved the way for Margaret Thatcher’s 1979 victory.
The IMF Bailout came in December 1976 when tr Uranus was in early Scorpio and squaring tr Saturn in Leo, in the months running in and after. Tr Uranus in hard aspect to tr Saturn is traditionally associated with economic recessions and another such turns up in 2021 with tr Uranus half a cycle on in Taurus square Saturn in Aquarius.
On the UK chart around the time of the bailout tr Uranus was poised to oppose the 8th house financial Mars by January 1977 with tr Saturn in square. This time round tr Uranus will conjunct that UK Mars with tr Saturn in square in 2021 – so very similar. The Solar Arcs were marginally more damaging in 1976/77 with Solar Arc Saturn conjunct the financial Venus with tr Saturn in opposition to the UK Venus; and tr Uranus square the Solar Arc Venus.
But it’ll still be a very rocky ride ahead economically for the UK with the tr Uranus square tr Saturn hitting on the financial planets badly in 2021 with more disappointment by 2023 with the Solar Arc Sun square the 2nd house Neptune; and more shocks in 2025 when the Solar Arc Uranus is conjunct the 8th house Mars. Tr Uranus doesn’t clear the 8th house of international trade till 2027 so it’ll be an extended bumpy ride ahead.
The Bank of England chart, 27 July 1694 JC, with its natal Sun Jupiter in Leo and Solar Arc Uranus in Taurus will catch the tr Saturn square tr Uranus next year for high-stress challenges. With 2023/2024/25 keying up as high-anxiety phases as well.
An IMF bailout hardly seems likely since they haven’t the money to prop up the world, but similar cutbacks and shocks look unavoidable.