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1970-79 - Coggle Diagram

- - - - School leaving age was raised to 16.
      - British currency was changed to decimal.
      - The new chancellor, Anthony Barber, introduced cuts in public spending and tax cuts which lead to "Barber boom" - rapid rise in inflation.
        
        However inflation was not accompanied by economic growth, unemployment also rose (near to 1 million) which lead to a new word - stagflation.
- - - - When labour came into power, inflation was at 15% and the country was in £3 billion debt.
      - When labour first came into power despite winning, they had a minority government and in October Wilson called another election in which their majority only reached 3.
    - - While in opposition (1973), Wilson had negotiated the Social contract with the trade unions - work with them.