In London on Christmas Eve 1843, Ebenezer Scrooge (George C. Scott) is a bitter, miserly businessman who does not share the merriment of Christmas. His loyal clerk, Bob Cratchit (David Warner), comments that Jacob Marley has been dead for seven years, but is gruffly ordered to return to work by Scrooge. Bob attempts to add some coal to an almost nonexistent fire, but is stopped by Scrooge, who gives him a curt and cutting lecture on clothing as protection against the cold, and that "coal burns, coal is momentary, and coal is costly". Scrooge declares that there will be no more coal burned in the office that day, and orders Cratchit to return to work lest he be fired.Bob returns to his desk as Scrooge's nephew Fred Holywell (Roger Rees) cheerfully enters the office; Scrooge mocks his cheerful demeanor, calling Christmas a "humbug," a holiday that has never done anyone any good, summing up his view with a very well-known quote, in a mockingly cheerful manner, "If I could work my will, every fool with 'Merry Christmas' on his lips would be boiled in his own pudding and buried with a stake of holly through his heart." Despite this declaration, Fred patiently states that his own views of how Christmas has benefited him in many ways, even if not with momentary gain. "Though it has not put a scrap of gold or silver in my pocket, it has done me good; and I say 'God bless it!'" Bob applauds from his desk in the office, only to be sternly warned by Scrooge that he will spend Christmas unemployed should he make more noise. Fred invites his uncle to dinner, who curtly declines, and dismisses his nephew with "You are wasting my time."Despite his uncle's rudeness, Fred maintains his good humor, wishing Bob and his family a Merry Christmas as he departs the office. Scrooge prepares to leave for the Exchange; he grudgingly gives Bob Christmas Day off with pay, likening it to "picking a man's pocket every twenty-fifth of December," wanting him to be at work all the earlier the next day. As he leaves for the Exchange, Scrooge encounters Bob's youngest son Tiny Tim waiting across from Scrooge's office. The lad is a naïve and very sick boy who walks with a crutch but is unfailingly cheerful and polite, courteously greeting Scrooge as the man walks by. Scrooge mistakes Tim for a beggar, but after the lad introduces himself, Scrooge assures him that he will have a long wait for his father in the cold. Tim cheerfully thanks Scrooge and continues his wait for his father.In the stock exchange, Scrooge is greeted by three other businessmen who wish to purchase some corn; they have delayed in concluding the deal, apparently in hopes that Scrooge will lower his price. However, Scrooge informs them to their dismay that the price has gone up 5% because of the delay, and unless they come to an agreement, the price would go up another 5% the next day. Before leaving, Scrooge informs them that he will not ship without the cash in hand. After being approached by two gentlemen collecting money for charity, Mr. Poole and Mr. Hacking, Scrooge turns down their offer. In his house, Scrooge encounters the ghost of his dead business partner Marley, who warns him to repent his wicked ways or he will be condemned in the afterlife like he did, carrying heavy chains for his own greedy ways. He informs Scrooge of the coming visits of three time-traveling spirits for that night.At one o'clock, Scrooge meets the Ghost of Christmas Past (Angela Pleasence), who takes him back in time to his childhood and his early adult life. They visit Scrooge's time as a boarding school student, when he spent the holidays alone with only his books for company. He sees his father Silas (Nigel Davenport), who has him become an employee for Fezziwig, and his older sister Fan (Joanne Whalley), who died after giving birth to Fred. Eventually becoming a successful career in money lending and business, Scrooge becomes engaged to a woman named Belle (Lucy Gutteridge). However, the spirit shows Scrooge how Belle left him one afternoon, when he expressed his reluctance towards focusing on his increasing finances or their relationship. The visions conclude with a display of Belle's married family several years later on Christmas Eve. When her husband informs her of sighting Scrooge, she wistfully considers him a "poor, wretched man." Unable to watch any more memories, Scrooge puts out the Ghost of Past with its cap as he returns to the present.At two o'clock, Scrooge meets the Ghost of Christmas Present (Edward Woodward), who shows the joys and wonders of Christmas Day. Scrooge and the Ghost visit Bob's house, learning his family is surprisingly content with their small dinner, and Scrooge takes pity on Tim when he learns of his terminal health. The two then visit Fred's Christmas party and Fred's pity towards his uncle, hoping to gain his uncle's trust on behalf of Fan, whom Scrooge loved deeply. Scrooge and the spirit go to a desolate street and encounter a poor family, whose father has ambiguously come across menial means of food and is considering taking the family to a poorhouse to get them off the streets. The Ghost of Present shows Scrooge two hideous children named Ignorance and Want beneath his robe, and warns him to beware of them. He also mocks Scrooge's concern for their welfare with his earlier quote regarding poorhouses and prisons before disappearing.Moments later, the Ghost of Christmas Yet to Come arrives, appearing as a silent cloaked shadow, and shows Scrooge what will happen the following Christmas if he does not repent. Scrooge and the Ghost witness businessmen discussing the death of an unnamed colleague where they would only attend the funeral if lunch is provided. The spirit shows him that several of his possessions have been stolen by an old woman, Mrs. Dilber, and brought to a fence named Old Joe. The spirit transports Scrooge to Bob's residence where he learns that Tim has died of his terminal sickness with his family mourning him. Finally, the spirit transports Scrooge to a cemetery, where Scrooge learns that he was indeed the man who died after seeing his name on an abandoned tombstone. Realizing this, Scrooge promises the spirit repentance and kindness on the remainder of his life, and collapses sobbing on the tombstone.Awakening in his house on Christmas Day, Scrooge finds the Ghosts of Christmas had visited him all in one night. Gleeful for his redemption, Scrooge decides to surprise Bob's family with a turkey dinner, and ventures out with the charity workers and the citizens of London to spread happiness in the city. He unexpectedly arrives at Fred's house, apologizes for what he said about Christmas, and accepts Fred's invitation to dinner much to Fred's joy; he also prays God to forgive him for the time he wasted. The following day, Scrooge feigns anger and appears ready to fire Bob who arrives late for work, but rather surprises him by raising his wages and promises to help his family in every way possible. Scrooge does everything he promised and becomes like a second father to Tim, who survives and outgrows his crutches. A changed man, Scrooge now treats everyone with kindness, generosity, and compassion; he now embodies the spirit of Christmas.