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booklet 1 Economy - Coggle Diagram
booklet 1 Economy
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post war boom
1951-1964 – Britain’s economy grew 40% (but France 50%, West Germany 250%, Japan 400%)
Share of world exports of manufactures goods: Britain’s share fell from 20% (1954) to 15% (1960) while Germany’s rose from 15% to 19%
All exports rose between 1952 and 1962: Britain +29%, France +86%, Germany +247%, Japan +378%
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1961 – concerns about overheated economy led to ‘pay pause’ to hold down wage inflation and to ask for loan from IMF
1962 saw BALANCE OF PAYMENTS PROBLEM, economics of stop-go > Macmillan sets up NEDC (National Economic Development Council) in attempt to get economic cooperation between government, employers and unions.
1962 also saw the Night of the Long Knives reshuffle of 1962 > Lloyd replaced with Maudling as Chancellor. Maudling attempts to avoid rising unemployment through tax concessions and a policy of ‘expansion without inflation’ = BALANCE OF PAYMENTS continued to deteriorate with imports running ahead of exports and rising inflation.
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