British Economy 1951-1957

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  • Economy 1951-57
    • Summer of 1957:Major financial crisis
      • inflation due to wages rising over productivity
      • run on the pound: fear of devaluation
      • problems of stop-go economics
    • post-war economic boom continued
    • Run on the pound under Eden: rapid fall in the value of the pound
    • Butler's give away budget to give middle classes tax cuts
    • advertising industry grew, with ITV adverts
    • surge of ownership of consumer goods e.g. tv's, washing machines and furniture
    • food rationing completely ended in 1954
    • farmers did well economically
    • major construction of new homes and expanding towns (cheaper mortgages)
    • boom in car-ownership and home-ownership
    • massive increases in private stages
    • mens weekly wages increased considerably
    • economic indicators pointed upwards
    • Tory's couldnt reverse the welfare state, NHS or nationalisation - so went with it
    • post-war consensus: welfare state and Keynesianism policies
    • Budget of 1957 allowed tax cuts of £370 million
    • Balance of payments and over heated economy difficulties by 1962


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