 Despite not receiving his support in the second and third rounds of the vote, Callaghan kept Benn on as Energy Secretary.In 1976, there was a sterling crisis, and Chancellor of the Exchequer Denis Healey sought a loan from the International Monetary Fund.Underlining a wish to counter international market forces which seemed to penalise a larger welfare state, Benn publicly circulated the divided Cabinet minutes in which a narrow majority of the Labour Cabinet under Ramsay MacDonald supported a cut in unemployment benefits in order to obtain a loan from American bankers.