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Strengths
- Held an aura of confidence and political mastery.
- Appeared to be In full control of affairs.
- Seemed to have the media in the palm of his hand, using TV.
- Aristocratic in his dress and demeanour, the very image if a 'Tory toff'.
- The Sunday times journalist James Margach thoughts on Macmillan and Eden,'one of the two most left-wing prime ministers of my forty years reporting politics'.
- The age of affluence was the subject of Macmillan's famous,'never had it so good' speech.
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Weaknesses
- Was a man of many contradiction.
- Famous for his elegance and calm but was actually physically sick with nerves before big speeches.
- Seemed sunny and full of dry humour up was actually prone to fits of depression.
- From 1962 Macmillans smooth mastery was beginning to slip.'events, dear boy, events'.
- Macmillan's chancellor Peter thorneycroft believe in what was to be known as monetarism to limit wage increases and to cut the money supply. It was opposed because it would cause unemployment and cutbacks in housing.
- When Thorneycroft proposed drastic spending cuts Macmillan overruled him. Thorneycroft and his two junior ministers Enoch Powell and Nigel birch resigned.
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Opportunities
- 'Stop-go' economics: the tension between an expanding economy, with low interest rates and rising consumer spending('go') and the slowing down of the economy('stop') through higher interest rates and spending cuts.
- The financial crisis did not do lasting harm to Macmillan's position.
- The sterling regained its value against the dollar.
- The economy expanded so much that the budget of April 1959 provided tax cuts of £370 million - even more than the Butler 'election give-away' budget of 1955.
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Threats
- Summer 1957, there was a major financial crisis. Inflation was rising because wages were running far ahead of priductivity.
- At this time there was also a run on the pound , with the danger that the pound would have to be devalued against the US dollar.
- 1962 'Night of the Long Knives'. This cabinet purge was suppose to rejuvenate the government but it actually weakened it.
- The Profumo affair 1963 combined sex, spying and high politics. Involving defence secretary John Profumo and soviet spy Ivanov. Raised questions about possible leaks of Cold War secrets.
- The politely impact of the affair was short-lived but Macmillan's Image if being old and out-of-touch was reinforced.
- 1961 economy over heating forced the GOV to introduce 'pay pause' to hold down wage inflation, and to ask for a IMF(international monetary fund) loan.
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