Remember that their economy was in such a free-fall
WRONG: The UK economy had a problem with industrial relations and
with inflation, but it was certainly not in free fall prior to joining the EEC.
Pre EEC UK growth 1950-1972 was much higher than post EEC 1973-to date.
And up until the UK joined the EEC, the UK enjoyed a balanced government budget
AND a balanced foreign exchange account (with no overall long term deficits).
And ever since the joining the EEC, the UK has had a foreign exchange account deficit
and since re-signing to the EU the UK has also had a massive government deficit.
they were forced to ask the IM for a bailout in '76
That (1976) was three years after the UK joined the EEC, and arose from a reluctance
to let the currency depreciate due to a misplaced belief in fixing exchange rates.
and in the early 70's the UK was forced to implement a three day week because the government was just that broke
.
WRONG: The three day week was the consequence of an electric power shortage
in the UK resulting from a political motivated strike in the coal mining industry,
and that had absolutely nothing to do with the UK government finances.
The UK export industry was similarly falling to bits in the face of competition
from modernized German, French, and Japanese factories.
The UK export industry was cerainly losing its share of world trade, but as world trade
was growing as fast, UK exporting was surviving in 1972; and the greater strength of
continental competition was why joining the EEC at start of 1973 was so damaging.
The pro EEC caompaign then promised that joining the EEC would result in a jump
in UK exports to the UK and prosperity. What happened was the exact reverse.
The modernized and well run German, French, and Italian factories were able to
export far more into the UK, with the resultant loss of UK jobs; compare the
UK unemployment (before EEC 1972 = 876 thousand via in EEC 1982 = 3.119 million).
The City of London was still a center of the world economy but even
that was looking a bit sketchy with how the pound was doing. Joining the EEC
made it easier to peg the pound to the vastly more stable mark
The attempt to peg the pound to the mark resulted in the John Major recession
and the conservative party losing the 1997 election to Labour led by Tony Blair.
In a sense that was a rerun of trying to peg to the dollar and Labour led by Jim
Callaghan losing to the conservatives led by Margaret Thatcher in 1979; and a
precursor to the current debacle of the fixed currency Euro regime the UK escaped.
The City of London is now in many respects a lame duck being propped up by
hundreds of £ billions of loans called quantitative easing and ridiculously low
interests rates from the Bank of England which result in economic distortion.
Well, while it did help halt the UKs economic slide, there's no way to tell if the UK wouldn't have recovered from that regardless, or whether the UK would have better (or worse off) today by not joining the EU like it did in 1973.
A lot of posters here in this thread were not around in 1972, and many of them
seem to have unknowingly absorbed Remainer misinformation and propaganda.
How else would the Remain campaign have got as much as 48% of the vote?