Highlights

Harold Wilson returned to power in February 1974 after the Conservatives lost the general election amid a miners' strike
Wilson initially led a minority Labour government, gaining a slim majority after a second election in October 1974
His second term was dominated by severe economic difficulties, including high inflation and the 1973 oil crisis aftermath
Wilson renegotiated Britain's terms of EEC membership and held the 1975 referendum, in which voters chose to remain in Europe
He unexpectedly resigned in April 1976, handing power to James Callaghan, citing personal exhaustion

Harold Wilson's return to Downing Street came amid extraordinary political and economic turbulence. The February 1974 election was called by Conservative Prime Minister Edward Heath following a confrontation with the National Union of Mineworkers, who had imposed a work-to-rule that severely disrupted energy supplies. Labour won the most seats but not an outright majority, forcing Wilson to govern cautiously. A second election in October 1974 produced a marginally stronger Labour position, though the government's working majority remained precarious throughout.

Economically, the second Wilson government faced some of the most challenging conditions in postwar British history, with inflation reaching over 25 percent by 1975 and unemployment rising sharply. The government introduced a Social Contract with trade unions, seeking wage restraint in exchange for social policy commitments. On Europe, Wilson skillfully managed deep divisions within his own party by allowing a free vote on EEC membership in the 1975 referendum, which returned a two-to-one majority in favor of remaining. Wilson resigned unexpectedly in March 1976, formally leaving office in April, with his early departure later attributed in part to the onset of Alzheimer's disease.