a fair cop. how well did that Lab/Lib pact work out?
It lasted pretty well considering the stresses the government was under. The quadrupling of the price of oil and Barber's expansionary budget had played merry hell with the inflation rate. The IMF had to intervene to bail the government out, Labour (who didn't have a majority anyway) were losing seats in by-elections, Dick Taverne had left Labour for a new party (the first stirrings of the SDP) and there were devolutionary pressures in Scotland.
As Yeats said, "things fall apart; the centre cannot hold" but for about 18 months it did.
Callaghan made the mistake of not going to the country in the autumn of 1978, the decision that finished the pact. He may well have won an election - after the Winter of Discontent, he had no chance.