Promised that he would not support lame ducks in industry - nationalised Upper Clyde Shipbuilders and Rolls Royce, meaning he kept the conservatives committed to the mixed economy
The abolition of Wilson's Prices and Incomes Board was a sign of the end of intervention (the Conservatives had promised an end to price control in their manifesto), however, this and the increased public spending of the 1972 Barber Boom led to rapid inflation and a decelerating growth rate
Inflation rose to 10% and growth decelerated to 1.7% - stagflation became a common trait of the economy
Unemplyment rose and there was a record buget deficit in 1973 of £1 billion
Led to another U turn by Health - introduced his own interventionist statutory incomes policy in 1972 - remained committed to prices and incomes control and failed to change the Conservative's outlook
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