Post War Britain OCR Macmillan 1957-1963

Successes

ü  Moved on from the Suez Crisis quickly

ü  Keynesian economics – spending money to make money.

ü  When the Chancellor resigned Macmillan brushed it off as a ‘local difficulty’

ü  Named ‘SuperMac’

ü  Wages increase from £8.30 - £18.35 – inflation rose but never overtook real wages

ü  Committed to building 300,000 houses but built 1.7 million.

ü  Rent act 1957 – allowed landlords to earn more.

ü  Property owning democracy – Made mortgages easier to obtain

ü  Credit available – people were able to buy more modcons such as Cars which sales quadrupled from 1.5 million to 5.5. million.

ü  “ You never had it so good”

ü  People felt rich

Failures

·         Keynesian economics – lead to greater debt – £564 million in 1957

·         Stop-go economics –…