Is it 1976-1979 all over again?

The last Labour government collapsed following Britain facing financial crisis from 1976. The Labour government was forced to apply to the International Monetary Fund (IMF) for a loan of nearly $4 billion. In return the IMF insisted on deep cuts in public expenditure, greatly affecting economic and social policy.

Today I read in The Guardian that (my emphasis):

"Britain was served notice by the International Monetary Fund today that reforms to healthcare and pensions will be needed to repair the long-term damage to public finances caused by the global recession.

The IMF is in favour of higher government spending to support activity through the most serious downturn since the second world war, but believes governments will have to take stringent steps to deal with their debt. Olivier Blanchard, the IMF's economic counsellor, said the UK and other countries running big deficits had to take measures which improved the medium-term sustainability of the debt.

Asked specifically about the UK's financial health, Blanchard warned that action would be needed once the crisis was over. "That means reforms of the retirement system; that means reforms of the healthcare system. These reforms have basically to be confronted. The idea of (just) introducing these fiscal rules and not doing these reforms is a joke.""

Once again a Labour government takes the UK to the brink of financial collapse, this time it is far far worse than 1976-1979, when will the electorate learn?