British Economy 1951-1957
- Created by: Laura Bullock
- Created on: 26-04-13 12:50
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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
- Summer of 1957:Major financial crisis
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