economy under macmillian

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  • economy under macmillan
    • successes
      • 370 million in tax cuts
      • average wage is 18.70 by 1964
      • by 1960 there is 5 million people employed in the service sector
      • prosperity continued
      • increase of people buying consumer goods
      • lack of unemployment
      • greater access to crcredit
      • growth in housing buying
    • failures
      • the growth of wages was outsripping the rate of production which created inflation
      • struggled to maintain growth and employment and keep prices steady
      • stop and go economics
      • macmillian decided to try and join EEC
      • GDP rate lowest in western europe
      • applied for a loan from IMF
      • pay pause to stop inflation
      • military costs


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