problems of economic modernisation in 1960-63

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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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