Original sentence: The Militant argued that the cuts following the International Monetary Fund loan and the Labour government's wage restraint of 1978-9 lost the Labour Party the 1979 election and gave rise to the "Winter of discontent" - a period of union struggle against the government's cuts in the winter of 1979
Edited sentence: Economic crisis hit the Labour Government.Speculators attacked the pound in 1976 and it dropped 12%.The Militant argued that these cuts and the Labour government's wage restraint of 1978-9 lost the Labour Party the 1979 election and gave rise to the "Winter of discontent" - a period of union struggle against the government's cuts in the winter of 1979.The government made cuts of £8 billion, or almost 5%, after a visit from the International Monetary Fund,  the biggest single cut a UK government had made in government expenditure