1951-64 Economy
- Created by: Jake 101
- Created on: 22-04-17 14:20
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- 1951-64 Economy
- Post-war boom
- Food rationing ended July 1954
- Swift acceleration in birth rate, 5% population rise 1951-61
- Increased overseas trade, economic boom, plentiful employment
- 1955 'full employment' 200,000 unemployed
- Employment fell in traditional sectors, but grew in electrical and engineering
- 1960 1/5 of population employed in service industry
- Increasing consumerism, highest income per head behind USA
- Late 1950s, 20% more imports for same number of exports
- Balance of payments, 'Stop-go'
- Production couldn't keep up with wages, inflation
- 'Stop-go' economics, controls when overheating, relaxed when struggling
- Run on the pound after Suez crisis, regained value by 1959
- Economy peaked between 1961-64, but with further 'stop-go' policies
- 1961 IMF loan
- Clear that European economic growth was much higher
- EEC rejection didn't help the economy
- Post-war boom
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