Holland's ideas formed the basis of the Alternative Economic Strategy (AES) promoted by Tony Benn, then Secretary of State for Industry in the Labour governments of Harold Wilson and James Callaghan as they considered responses to the sterling crisis in 1976. The AES called on Britain to adopt a protectionist stance in international trade, including reversing its recent decision to join the European Common Market, and impose no incomes policy to combat inflation. Benn believed that this approach was more in keeping with Labour's traditional policies and would have its strongest supporters in the unions and outside of them vigorously supporting the government against opposition from the financial sector and commanding heights of industry. It was ultimately rejected in favour of the Social Contract and extensive cuts in public spending as the condition of an International Monetary Fund loan that supported the pound.