problems of economic modernisation in 1960-63
- Created by: AIMEEBRIGDEN1
- Created on: 29-12-19 23:22
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- problems of economic modernisation 1960-63
- europe's economic growth left behind uk in the lates 50s
- trade with the empire and commonwealth was not enough to keep up
- in 1959 britian formed EFTA but it could not match EEC
- in 1961 britian applied to join the EEC
- symbol of failure of economic modernisation
- stop and go economics continued
- economic growth led to overheating of the economy
- had to ask IMF for a loan
- balance of payment problems
- decrease in world trade
- in 1961 a pay pause was introduced to hold inflation
- rejected application to join EEC in 1963
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