British Economy in 1951

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  • Economy 1951
    • war had badly damaged the infrastructure
    • saddled with massive debts
    • pre-war markets lost
    • old staple industries in decline
    • key industries such as coal, steel and the railways nationalised by Attlee.
    • consumer goods scarce and expensive
    • still a leading economic power
    • forefront of key industries such as oil, chemicals, tobacco, shipping and financial markets
    • Major manufacturers of cars, electricals and industrial machinery
    • optimism about the economic prospects
    • mixture of growth and decline
    • living standards rose continuously
    • Britain slid down the league tables of world economy

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