1951-64 Economy

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  • Created by: Jake 101
  • Created on: 22-04-17 14:20
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  • 1951-64 Economy
    • Post-war boom
      • Food rationing ended July 1954
      • Swift acceleration in birth rate, 5% population rise 1951-61
      • Increased overseas trade, economic boom, plentiful employment
      • 1955 'full employment' 200,000 unemployed
      • Employment fell in traditional sectors, but grew in electrical and engineering
      • 1960 1/5 of population employed in service industry
      • Increasing consumerism, highest income per head behind USA
      • Late 1950s, 20% more imports for same number of exports
    • Balance of payments, 'Stop-go'
      • Production couldn't keep up with wages, inflation
      • 'Stop-go' economics, controls when overheating, relaxed when struggling
      • Run on the pound after Suez crisis, regained value by 1959
      • Economy peaked between 1961-64, but with further 'stop-go' policies
      • 1961 IMF loan
      • Clear that European economic growth was much higher
      • EEC rejection didn't help the economy

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