economic

mens weekly wages 1951-1961

£8.30 (1951)-£ 15.35 (1961)

nationalisation-atkee

bank of england/coal (1946)

transport,electricity,gas (1948)

1955 (age of affluence) give away budget

chancellor Rab Butler £134 million in tax cuts

churchills economy

• post-war boom

• 1954: end of rationing

1952: industrial production

UK: 101

West Germany: 126

balance of trade: 1951-55

-19

Edens economy

• expansion in electrical and engineering work

• rising wages

• Rab Butler “give away” budget: £134 million in tax cuts

• Britain import 29% more goods than 1951 for same exports

1955 (eden)age of affluence empoyment rate

1% of work force unemployed

200,000 unemployed

industrial production: 1955

UK: 121

West Germany: 179

Industrial production: 1957

UK: 123

West Germany: 204

suez canal crisis

1956

stop and go/mixed economy

governement involvement in economy -raising taxed and interests

stagflation

industry declined but inflation increased

macmillans economy

• high inflation

• taxation remained high: control excessive spending

• trade deficit

• run on pound due to suez

• rejection from EEC

• asked for IMF loan

• 1963 beeching report

macmillons first chancellor

peter thorneycroft - believed in limiting wage increase and cutting money supply

caused internal divisions, macmillan against

economy 1960-64

economy continuing to grow

economy 1960-64 trade

foreign trade good

1961 “paypause”

to hold down wage inflation

governement ask for loan from IMF

macmillan 3rd chancellor

selwyn lloyd set up NEDC for long term planning and national income comission (1962)

national incomes commision (1962)

monitor wages and prices

give away budget 1959

£370 million in tax cuts

1963 Beeching report

recommended 30% of british rail newtwork be cut which caused national outrage

macmillan fourth councilor

reginald maudling- lowered bank rates which grew the economy by 2% in a year

1951-64 world economy growth

british -40%

france-50%

west germany-250%

japan -400%

share of world exports

• britian share fell from 20% (1954) to 15%(1960)

• germany rose from 15% to 19%

1963 employment

over 800,000 unemployed

EEC rejection (conservative downfall)

charles de gaulle vetoed britians application, revealing how weak britain was

chancellor cut income tax before election

1955 - 2.5p decrease

1959- 3.75 decrease

money spent on by government

GDP spent on it rose from 16.1%(1951) to 19.3% (1964)

unemployment rates 1951-1964

1956(Anthony Eden)-297,000 unemployed

1963(douglas home)-878,000 unemployed

service industries

5 million people employed in service industries

1 in 5 of population

trade balance

+132