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Economic history of the United Kingdom	industrial relations briefly improved came wall street stock market crash october sparked worldwide great depression see great depression united kingdom.unemployment stood less .million end end risen sharply .million.january million britons unemployed accounting workforce unemployment topping parts country particularly south wales northeast england.
Economic history of the United Kingdom	rest saw moderate economic recovery stimulated private housing.rate unemployment fell half level five years previously.steel britain produced half worlds pig iron ironmasters continued develop new steel making processes.britain produced .million tons steel million tons output million tons.
Economic history of the United Kingdom	germany caught produced million tons .u.s. became worlds leading steel producing economy british metallurgists pioneered commercial development special steels.academic experts professor oliver arnold led research development phosphomagnetic steels specialised highstrength alloys using electric furnace innovations well reducing smoke pollution.industry trained cadre experts made large firms scientifically progressive.leaders worlds leading iron steel companies continued look londonbased iron steel institute dissemination cuttingedge scientific technical research.
Economic history of the United Kingdom	coal politics became central issue coal miners contributed significantly growth labour cooperative movements major industrial centres south yorkshire including sheffield west midlands black country bristol valleys south wales merthyr tydfil central lowlands scotland paisley rural coalmining communities could insular also provided bedrock britains industrial regions providing locally produced fuel.saw formation overarching national organisation hitherto regionally based miners unions miners federation great britain members.many policies associated labour partys old left roots coalmining areas particular nationalisation coal industry.general strike spring saw british government refuse extend subsidy bought shortterm peace coal industry.april owners locked miners rejected coal mine owners demands longer hours reduced pay.
Economic history of the United Kingdom	backdrop dispute fall price coal important element general deflationary tendency end first world war exacerbated adoption fuel oil place coal.general strike led tuc support coal miners failed.nineday nationwide walkout one million railwaymen transport workers printers dockers ironworkers steelworkers supporting .million coal miners locked out.government continued existing subsidies additional ninemonths subsidy seeking achieve shortterm peace coal industry.
Economic history of the United Kingdom	tuc hope government would intervene reorganise rationalise industry raise subsidy.conservative government stockpiled supplies essential services continued middle class volunteers.three major parties opposed strike.general strike largely nonviolent miners lockout continued violence scotland.general strike british history tuc leaders ernest bevin considered mistake.
Economic history of the United Kingdom	historians treat singular event longterm consequences martin pugh says accelerated movement workingclass voters labour party led future gains.trade disputes trade unions act made general strikes illegal ended automatic payment union members labour party.act largely repealed .coal continued industry slow decline best seams used became difficult mine residue.labour government nationalised coal creation national coal board giving miners access control mines via control labour party government.however best seams played coal mining headed downward.
Economic history of the United Kingdom	coal production million metric tons million million million million .peak year output million tons.mining employed men eve first world war united kingdom ten workers one coal miner.new industries britain remained overly dependent staple heavy industries first world war advantage stimulating production new industries uk lagged behind .several new industries including motorcars chemicals rayon early recipients tariff protection prior import duties act .
Economic history of the United Kingdom	interwar years saw new technologies develop breakneck pace creating lucrative new industries including automobile airplane motorbike manufacture.first world war automobile manufacture britain boutique industry limited producing expensive luxury cars.industry produced vehicles year half million produced.affordable models like austin introduced morris minor well model model cars produced ford britain.adoption streamlined automation processes strong competition manufacturers responsible drop motorcar prices mid mid making cars affordable million owned .the chemicals industry dominated germany united states also thrived uk interwar years.
Economic history of the United Kingdom	employed people produced fertilizers pharmaceuticals synthetic materials.electrical engineering also mushroomed establishment central electricity board enabled nationwide highvoltage electrical grid developed.two thirds homes electricity supply turn opened new consumer market electrically powered appliances like vacuum cleaners refrigerators radios stoves.between successful new industries automobile production electrical engineering mechanical engineering metal goods printing.created net total new jobs new industrial jobs created interwar period.industries overwhelmingly concentrated communities surrounding london cities west midlands particularly coventry birmingham established workforce skilled production high quality metal goods.
Economic history of the United Kingdom	consumer boom spite serious problems plagued heavy industry marked era unprecedented growth british consumer industry minor player national economy.creating fullyfledged consumer culture united states decade important effect british society primarily middle classes gained access commodities previously reserved upper crust primarily automobiles ownership rising tenfold interwar period around approximately million million .sales electric appliances boomed thanks rise consumeroriented credit loans.higher wages shorter working hours also led rise recreation gramophone records radio wireless referred magazines cinema became part everyday life much like sports primarily football cricket.tourism grew rapidly interwar years rapidly rising number motorized middleclass lowermiddleclass holidaymakers well influx american tourists.seaside resorts like blackpool brighton skegness particularly popular.
Economic history of the United Kingdom	however tourist sites catered wealthy began holidaying abroad located depressed areas experienced decline profits especially great depression.electricity gas plumbing telephone services became common well decade even working class households.however living remote poorest parts britain saw little change living standards many britons still living terraced homes outdoor toilets late s. – great depression wall st crash little direct impact british stock market collapse american economy foretold associated contraction world trade seriously affected britain early s. whereas british politicians championed concept free market ascendant world economy gradually withdrew adopting tariff reform measure protectionism.sterling left gold standard.early depression signalled economic problems british economy faced.unemployment soared period million workforce early .
Economic history of the United Kingdom	however fallen .start .heavy industry sank new lows consumer industry recovered production increased .good indication strong consumer market growth retailers s. marks spencer example increased turnover £.million £ million necessitating opening dozens new locations serve burgeoning demand suburbs.in ramsay macdonald formed second minority labour party government.
Economic history of the United Kingdom	political terms economic problems found expression rise radical movements promised solutions conventional political parties appeared unable provide.britain seen rise communist party great britain cpgb fascists oswald mosley.however political strength limited unlike rest europe conventional political parties face significant challenge.labour government resigned failed agree cuts national expenditure disagreeing extent cuts welfare payments replaced mcdonaldled national government.conservatives provided majority mps returned power .
Economic history of the United Kingdom	second world war second world war – britain highly successful record mobilising home front war effort terms mobilising greatest proportion potential workers maximising output assigning right skills right task maintaining morale spirit people.much success due systematic planned mobilisation women workers soldiers housewives enforced december conscription.women supported war effort made rationing consumer goods success.industrial production reoriented toward munitions output soared.steel example materials committee government tried balance needs civilian departments war effort strategic considerations received precedence need.highest priority went aircraft production raf continuous heavy german pressure.
Economic history of the United Kingdom	government decided concentrate five types aircraft order optimize output.received extraordinary priority.covering supply materials equipment even made possible divert types necessary parts equipment materials manufacturing resources.labour moved aircraft work factories engaged specified types.cost object.
Economic history of the United Kingdom	delivery new fighters rose april september —more enough cover losses—and fighter command emerged triumphantly battle britain october aircraft possessed beginning.starting u.s. provided munitions lend lease totalled .billion.after war broke britain germany september britain imposed exchange controls.british government used gold reserves dollar reserves pay munitions oil raw materials machinery mostly u.s. third quarter volume british exports compared .although british government committed nearly million orders america britains gold dollar reserves near exhaustion.
Economic history of the United Kingdom	roosevelt administration committed largescale economic support britain early enacted lendlease whereby america would give britain supplies totalling .billion never repaid.– although britain achieved ultimate victory war economic costs enormous.six years prolonged warfare heavy losses merchant shipping meant britain lost twothirds prewar export trade .loss export markets also caused serious shortage us dollars crucial servicing britains war debt maintaining imports united states.
Economic history of the United Kingdom	britains gold currency reserves depleted government forced sell bulk british overseas assets fund war effort.lend lease terminated united states august britain unable pay import essential supplies america.although us agreed cancel million lend lease debt uk forced obtain .billion loan united states interest december .usuk trade imbalance perilously high forcing extension rationing lessen imbalance preserve precious us dollars servicing loan repayments.successive governments squandered billions marshall plan aid support british world power pretensions jeopardised economic future britain.
Economic history of the United Kingdom	labour government chose use .billion germany received .b aid industrial modernization like germany had.germany rebuilt factories like volkswagen plant wolfsburg.germany france italy fully reengineered electric rail lines.britain steam engines mechanical semaphore signalling old track would remain s. addition road telecommunications network britain remained equally inadequate illmaintained outofdate.by uk still spent .gnp defence germany japan spent nothing.in general election end war europe labour party led clement attlee elected landslide majority first ever outright majority introducing sweeping reforms british economy.
Economic history of the United Kingdom	taxes increased industries nationalised welfare state national health service pensions social security expanded.rations lifted remaining .the next years saw rapid growth britain ever experienced recovering devastation second world war expanding rapidly past previous size economy.economy went strength strength particularly conservatives returned government still led wartime leader sir winston churchill retired make way anthony eden partys reelection .however suez crisis weakened governments reputation britains global standing prompted eden resign early replaced harold macmillan.by tax cuts helped boost living standards allow strong economy low unemployment october seeing tories win third consecutive general election greatly increased majority sparked public media doubt regarding labours chances future election success.labour leader hugh gaitskell drew new economic plan party heavily based success centralised industries france west germany latters economy surpassing uk first time since europes largest economy.
Economic history of the United Kingdom	harold wilson anthony wedgwood benn developed idea becoming backbone partys manifesto election.britains economy remained strong low unemployment towards end decade growth began slow unemployment rising again.harold wilson labour leader ended years conservative rule narrow victory increasing majority surprisingly voted power .new conservative government led edward heath.during britain suffered long running period relative economic malaise dogged rising unemployment frequent strikes severe inflation neither conservative government led edward heath labour government succeeded led harold wilson james callaghan able halt countrys economic decline.inflation exceeded twice rarely .unemployment exceeded million risen even higher time end decade sight passing .million mark .
Economic history of the United Kingdom	winter brought series public sector strikes known winter discontent leading collapse callaghans labour government march two years lost threeseat parliamentary majority october .this led election margaret thatcher succeeded edward heath conservative leader .cut back governments role economy weakened power trade unions.final two decades th century saw increase serviceproviders drop manufacturing heavy industry combined privatisation sections economy.– age austerity end world war ii british economy lost huge amounts absolute wealth.economy driven entirely needs war took time reorganised peaceful production.
Economic history of the United Kingdom	britains economic position relatively strong compared devastated european neighbors british exports equivalent value combined exports france west germany italy norway denmark belgium netherlands luxembourg.anticipating end conflict united states negotiated throughout war liberalise postwar trade international flow capital order break markets previously closed including british empires pound sterling bloc.realised atlantic charter establishment bretton woods system new economic power us able exert due weakened british economy.immediately war pacific ended u.s. halted lendlease give uk longterm lowinterest loan us.bn.winter – proved harsh curtailed production shortages coal affected economy august convertibility due begin economy strong needed be.labour government enacted convertibility run sterling pounds traded dollars.
Economic history of the United Kingdom	damaged british economy within weeks convertibility abandoned.british pound seen overvalued devalued september £ ... us dollar become worlds premier currency.the major economic priority postwar britain raise exports fund uks dollar deficit.required extension rationing british goods produce prioritized export markets.unlike continental european countries rationing abandoned within years wars end britain actually tightened rationing restrictions didnt fully abandon .
Economic history of the United Kingdom	u.s. began marshall plan grants mostly grants loans pumped .billion economy encouraged businessmen modernize approach management.marshall aid however failed desired effect modernizing industry stimulating economy funds used service british debt repayments.left uk comparative disadvantage rivals like france west germany able invest money directly industry infrastructure creating competitive efficient economies longterm.nationalisation labour governments – enacted political programme rooted collectivism included nationalisation industries state direction economy.
Economic history of the United Kingdom	wars demonstrated possible benefits greater state involvement.underlined future direction postwar economy also supported main conservatives.however initial hopes nationalisation fulfilled nuanced understandings economic management emerged state direction rather state ownership.extensive nationalisation programme achieved keynesian management uk economy adopted.with postwar labour governments first comprehensive attempts economic planning made initiatives intended overhaul chronically depressed regions uk.distribution industry act designated development areas northeast england scotland wales according findings barlow report recommended complete economic overhaul troubled areas pinpointed.
Economic history of the United Kingdom	british government pumped £ million building new factories regions leased private industry.addition privately owned factories built troubled regions active encouragement government london.activity created estimated new jobs.the policy nationalising coal mines accepted principle owners miners alike elections .owners paid £.government set national coal board manage coal mines loaned £ modernise system.
Economic history of the United Kingdom	general condition coal industry unsatisfactory many years poor productivity.workers coal mines annual output greater.young people avoided pits percentage miners years old rose years old.number surface workers decreased time number underground workers declined substantially altering balance labour mines.accidents breakdowns repairs mines nearly twice costly terms production probably byproduct war.
Economic history of the United Kingdom	output averaged tons weekly.summer clear country facing coal shortage upcoming winter stock piles million tons low.nationalisation exposed lack preparation public ownership failure stabilize industry advance change.also lacking significant incentives maintain increase coal production meet demand.prosperity prosperous times saw continued modernisation economy.
Economic history of the United Kingdom	representative construction first motorways example.britain maintained increased financial role world economy used english language promote educational system students around globe.unemployment relatively low period standard living continued rise new private council housing developments number slum properties diminishing.churchill conservatives back power following elections largely continued welfare state policies set labour party late s.during golden age unemployment britain averaged .prosperity returned britons became family centred.
Economic history of the United Kingdom	leisure activities became accessible people war.holiday camps first opened became popular holiday destinations – people increasingly money pursue personal hobbies.bbcs early television service given major boost coronation elizabeth ii attracting worldwide audience twenty million plus tens millions radio proving impetus middleclass people buy televisions.owned television sets did.austerity receded consumer demand kept growing labour party hurt shunning consumerism antithesis socialism demanded.small neighbourhood shops increasingly replaced chain stores shopping centres wide variety goods smart advertising frequent sales.
Economic history of the United Kingdom	cars becoming significant part british life citycentre congestion ribbon developments springing along many major roads.problems led idea green belt protect countryside risk development new housing units.the postworld war ii period witnessed dramatic rise average standard living rise average real wages .workers traditionally poorly paid semiskilled unskilled occupations saw particularly marked improvement wages living standards.terms consumption equality especially landed gentry hard pressed pay taxes reduce level consumption.result wage rises consumer spending also increased period economic growth remained .
Economic history of the United Kingdom	addition last food rations ended hirepurchase controls relaxed year.result changes large numbers working classes able participate consumer market first time.entitlement various fringe benefits improved.manual labourers entitled two weeks holiday pay compared .end britain become one worlds affluent countries early sixties britons enjoyed level prosperity previously known small minority population.young unattached first time decades spare cash leisure clothes luxuries.
Economic history of the United Kingdom	queen magazine declared britain launched age unparalleled lavish living.average wages high jobs plentiful people saw personal prosperity climb even higher.prime minister harold macmillan claimed luxuries rich become necessities poor.summed r. j. unsteadopportunities life equal distributed much fairly ever weekly wageearner particular gained standards living would almost unbelievable thirties.as noted historian martin pughkeynesian economic management enabled british workers enjoy golden age full employment combined relaxed attitude towards working mothers led spread twoincome family.inflation around per cent money wages rose average £ week £ week homeownership spread per cent per cent relaxation credit controls boosted demand consumer goods.the number one selection housewife washing machine.
Economic history of the United Kingdom	ownership jumped percent percent percent .private households television vacuum cleaner refrigerator.john burnett notes ownership spread social scale gap consumption professional manual workers considerably narrowed.provision household amenities steadily improved late decades century.households sole use fixed bath shower rose internal wc .
Economic history of the United Kingdom	addition number households central heating almost doubled period .households refrigerator colour television washing machine deep freezer tumbledrier.relative decline european perspective however britain keeping pace.overtaken countries european common market terms number telephones refrigerators television sets cars washing machines per population.education provision expanded fast neighbouring european countries.
Economic history of the United Kingdom	early school leavers france west germany received vocational training compared united kingdom.mids pupils united states west germany japan continued education age eighteen compared barely british pupils.yearolds fulltime education training compared united states japan france germany.economic growth britain though steady nearly fast continent.statistics interpreted care britain far ahead european nations terms economic development urbanisation.countries like italy france spain overwhelmingly agrarian character end second world war experiencing process rapid industrialisation urbanisation britain already passed th century.
Economic history of the United Kingdom	explanation known early start theory among economists explains european nations showed markedly stronger levels absolute growth industry compared uk country already transitioning postindustrial servicebased economy.countries large surplus agricultural populations draw cities work factories uk heavily urbanised nation europe mere population employed land dropping ..traditional source new labour lowwage factory work rural labourers virtually nonexistent britain constrained growth potential.immigration commonwealth later europe one policy response officially perceived labour shortage.there also systemic malaise british industry famously inefficient opposed innovations.
Economic history of the United Kingdom	tony judt described prevailing attitude postwar industrialists british factory managers preferred operate cycle underinvestment limited research development low wages shrinking pool clients rather risk fresh start new products new markets.overriding emphasis placed exports british government effort repair nations dollar deficit made things worse encouraged manufacturers place investment expanding output expense updating machinery introducing new technologies improving production methods etc.policy sustainable shortterm late early world trade boomed britain large relatively undamaged industrial base uniquely advantageous position satisfy demand.percent world exports britishmade total volume british manufactured goods double france germany combined.however late economies west germany france japan italy recovered wartime infrastructure damage replacing destroyed stock stateoftheart machinery applying modern production methods process called rejuvenation defeat.
Economic history of the United Kingdom	continental governments actively encouraged recovery direct investmentsubsidies targeted industries case italy france widely encouraging easy access credit national banks marked characteristic france west germany.british industrialists saw intervention government less left private sector itself.british goods also expensive abroad sterlings overvaluation inferior quality compared products flooding world market united states germany italy.rapid decolonization british empire late dealt blow british industry.britain enjoyed virtual monopoly consumer markets within empire enforced closed pound sterling bloc could compete territories gained independence free negotiate trade agreements.suez crisis although overall time prosperity britain suez crisis november precipitated financial crisis speculative run sterling underlined fragility postwar british finances.
Economic history of the United Kingdom	tripartite invasion suez canal zone britain france israel late october following egypts nationalisation july suez canal company hitherto french company albeit one majority share holding owned british government disaster british prestige economy.united states united nations came firmly occupation caused run sterling foreign governments withdrew holdings converted either us dollar gold.run invasion £ million withdrawn nervous investors foreign governments.britains decision freeze egypts holdings response nationalization inspired panic foreign governments feared assets might frozen supported egyptian cause.invasion £ million withdrawn leaving scarce £.
Economic history of the United Kingdom	billion left sterling reserves.bank england sought prevent devaluation purchasing pound foreign exchange markets using precious dollar reserves process.november dollar reserves fallen beneath billion floor uk sought maintain since late s. since canal closed shipping uk reliant imports american oil devaluing pound would make oil expensive possibly trigger serious inflation.within days invasion uk declared ceasefire prime minister eden appealing imf million loan granted condition country vacate canal zone.agreed britain received combined .billion loans imf american exportimport bank.
Economic history of the United Kingdom	british withdrawal canal zone completed december pound returned precrisis parity dollar january without nearly losing value international reserve currency.– sixties seventies deindustrialisation united kingdom experienced considerable deindustrialisation especially heavy industry mining steel light manufacturing.new jobs appeared either low wages high skill requirements laidoff workers lack.meanwhile political reverberations growing.jim tomlinson agrees deindustrialisation major phenomenon denies represents decline failure.the uks share global manufacturing output risen .
Economic history of the United Kingdom	.s. fell ....
Economic history of the United Kingdom	overseas competition trade unionism welfare state loss british empire lack innovation put forward explanations industrial decline.reached crisis point worldwide energy crisis high inflation dramatic influx lowcost manufactured goods asia.coal mining quickly collapsed practically disappeared st century.railways decrepit textile mills closed opened steel employment fell sharply carmaking industry suffered.government decided underdeveloped industrially obsolete areas high unemployment would benefit economic subsidy least three aluminum smelters enjoyed subsidy totaling ‐million representing per cent investment grant plant machinery.
Economic history of the United Kingdom	two largest smelters fostered decision authorize cheap bulk sales electric power based anticipated breakthroughs nuclear power costs.high power costs britain previously militated electrolytic aluminum industry enormous power user... another purpose encouraging development domestic primary aluminum industry reduce imports.previously primary production britain british aluminiums two small scottish smelters total output tons .popular responses varied great deal tim strangleman et al.found range responses affected workers example invoked glorious industrial past cope newfound personal economic insecurity others looked european union help.argued reverberations contributed towards popular vote favour brexit .economists developed two alternative interpretations explain deindustrialization britain.
Economic history of the United Kingdom	first developed oxford economists robert bacon walter eltis.argue public sector expansion deprived private sector sufficient labour capital.word government crowded private sector.variation theory emphasizes increases taxation cut funds needed wages profits.union demands higher wage rates resulted lower profitability private sector fall investment.
Economic history of the United Kingdom	however many economists counter public expenditures lowered unemployment levels increased them.the second explanation new cambridge model associated wynne godley francis cripps.stresses longterm decline competitiveness british industry.especially manufacturing sector steadily lost share home international markets.historic substantial surplus exports imports slipped even balance.balance maintained north sea oil primarily lesser extent efficiency improvement agriculture service sectors.
Economic history of the United Kingdom	new cambridge model posits several different causes decline competitiveness.model stresses bad delivery times poor design products general lowquality.implication although research levels high britain industry laggard implementing innovation.model points appreciation sterling currencies british products expensive.terms policy new cambridge model recommends general import controls else unemployment continue mount.
Economic history of the United Kingdom	model indicates deindustrialisation serious problem threatens nations ability maintain balance payments equilibrium long run.situation north sea oil runs appears troublesome.deindustrialisation imposes serious social consequences.workers skilled manufacturing sector longer needed shuffled lower paying less technologically valuable jobs.computerisation globalisation compounding problem.
Economic history of the United Kingdom	nicholas crafts attributes relatively poor productivity growth british economy postwar period mixture failure invest equipment skills poor management insufficient competition dysfunctional managementlabour relations poor economic policy.deindustrialisation meant closure many enterprises mining heavy industry manufacturing resulting loss high paid workingclass jobs.certain amount turnover always taken place older businesses shutting new ones opening up.however post scene different worldwide energy crisis influx lowcost manufactured goods asia.coal mining slowly collapsed finally disappeared st century.railways decrepit textile mills closed opened steel employment fell sharply automobile industry practically disappeared apart luxury production.
Economic history of the United Kingdom	range popular response.st century grievances accumulated enough political impact.political reverberations came head unexpected popular vote favour brexit .stagnation industry performance remained strong nearly years following end war extensive house building construction new commercial developments public buildings also kept unemployment low throughout time.negative factors coalesced slogan used prime minister harold macmillan people never good seemed increasingly hollow.
Economic history of the United Kingdom	conservative government presided stopgo economy tried prevent inflation spiralling control without snuffing economic growth.growth continued disappointing half rate germany france achieved period.in comparing economic prosperity using gross national product per person common perception continued relative economic decline britain slipped seventh place world ranks income per capita th th .labour politician richard crossman visiting prosperous canada returned england sense restriction yes even decline old country always teetering edge crisis trying keep appearances confident vision future.economists provided four overlapping explanations.early start theory said britains rivals well relatively still moving large numbers farm workers lucrative employment structural change achieved uk th century.second theory emphasised rejuvenation defeat whereby germans japanese managers politicians forced reequip rethink restructure economies.
Economic history of the United Kingdom	third approach emphasised drag imperial distractions whereby britains responsibilities extensive though rapidly declining empire handicapped domestic economy especially defence spending economic aid.finally theory institutional failure stressed negative roles discontinuity unpredictability class envy.last theory blamed public schools universities perpetuating elitist antiindustrial attitude trade unions regarded traditionalist conservative.additional factor perhaps feature social traditionalism alleged disappointing performance british management.labour responds result major political crisis winter discontent winter – widespread strikes public sector unions seriously inconvenienced angered public.historians alan sked chris cook summarised general consensus historians regarding labour power sif wilsons record prime minister soon felt one failure sense failure powerfully reinforced callaghans term premier.
Economic history of the United Kingdom	labour seemed incapable positive achievements.unable control inflation unable control unions unable solve irish problem unable solve rhodesian question unable secure proposals welsh scottish devolution unable reach popular modus vivendi common market unable even maintain power could go country date choosing.little wonder therefore mrs. thatcher resoundingly defeated .the labour party harold wilson unable provide solution either eventually devalued pound us.us.took effect november .
Economic history of the United Kingdom	economist nicholas crafts attributes britains relatively low growth period combination lack competition sectors economy especially nationalised industries poor industrial relations insufficient vocational training.writes period government failure caused poor understanding economic theory shorttermism failure confront interest groups.both political parties come conclusion britain needed enter european economic community eec order revive economy.decision came establishing european free trade association efta noneec countries since provided little economic stimulus britains economy.levels trade commonwealth halved period – around trade eec doubled period.charles de gaulle vetoed british attempt membership .the general election june saw conservatives led edward heath achieve surprise return government opinion polls suggested third successive labour victory.
Economic history of the United Kingdom	unemployment still low stage standing nationally.heath took country eec .however continuing relative decline britains economy managementlabour relations deteriorated towards end wilson government worker discontent led dramatic breakdown industrial environment conservative government edward heath –.early british economy suffered even strike action trade unions especially successful action miners union plus effects oil crisis led threeday week –.however despite brief period calm negotiated recently reelected labour government known social contract breakdown unions occurred leading winter discontent eventually leading end labour government led james callaghan succeeded wilson .unemployment also risen difficult period british economy unemployment reached .million – nearly triple figure decade earlier national rate exceeding first time postwar era.
Economic history of the United Kingdom	fallen million since remained level ever since rarely dropping .million.also oil found north sea coast scotland although contribution uk economy minimised need pay rising national debt welfare payments growing number unemployed people.– thatcher era election margaret thatcher marked end postwar consensus new approach economic policy including privatisation deregulationreform industrial relations tax changes.competition policy emphasised instead industrial policy consequent deindustrialisation structural unemployment less accepted.thatchers battles unions culminated miners strike .the government applied monetarist policies reduce inflation reduced public spending.
Economic history of the United Kingdom	deflationary measures implemented backdrop recession .inflation worst – subsided less continued subside stabilizing around autumn .recession unemployment passed million autumn .million following spring.january unemployment reached million first time since early though time figure accounted lesser percentage workforce early figures standing around .
Economic history of the United Kingdom	rather excess .areas hit particularly hard loss industry unemployment much higher coming close northern ireland exceeding many parts wales scotland northern england.peak unemployment actually came two years recession ended growth reestablished april unemployment stood .million.according eric hobsbawm thatcher oversaw industrial holocaust saw britains industrial capacity decrease fully one quarter years –.major statecontrolled firms privatised including british aerospace british telecom british leyland rollsroyce british steel corporation .
Economic history of the United Kingdom	electricity gas english water industries split sold off.exchange controls operation since war abolished .led volatile exchange rates pound reaching low .th february recovered almost february .british net assets abroad rose approximately ninefold £ billion end nearly £ billion end record postwar level second japan.privatisation nationalised industries increased share ownership britain proportion adult population owning shares went .
Economic history of the United Kingdom	single european act sea signed margaret thatcher allowed free movement goods within european union area.ostensible benefit give spur competition british economy increase ultimate efficiency.the financial services act led deregulation later dubbed big bang.the early recession saw unemployment rise three million subsequent recovery saw annual growth late led contemporary claims british economic miracle.significant controversy whether thatcherism reason boom britain north sea oil identified contributing factor increases economic growth mid late s. however many economic policies put place thatcher governments kept since even labour party opposed policies late return government nearly years opposition dropped opposition them.indeed labour party taken shift left election michael foot leader leading split party form centrist social democratic party formed alliance liberals contested two general elections disappointing results merging form liberal democrats.conservatives reelected majority seats times.by end britain first stages economic boom saw unemployment fall million reach year low .million december .
Economic history of the United Kingdom	however rate economic growth slowed inflation approaching fears imminent recession rife national media.interest rates increased government attempt control inflation.– major years november margaret thatcher stood office prime minister losing first confidence support parliament conservative partys mps needed order continue.john major elected successor.governments popularity also falling following introduction poll tax earlier year unemployment also starting increase another recession loomed.
Economic history of the United Kingdom	opinion polls suggesting next general election could labour led neil kinnock since resignation michael foot .despite several major economies showing quarterly detraction british economy continued grow well first quarterly detraction taking place third quarter year time unemployment starting creep upwards four years falling.beginning another recession confirmed january .interest rates increased control inflation topped end .economic growth reestablished early conservative government power continuously since managed achieve reelection april fending strong challenge neil kinnock labour although significantly reduced majority.the early recession officially longest britain since great depression years earlier though fall output sharp downturn great depression even early recession.started end recession officially declared april time nearly million people unemployed.the british pound tied eu exchange rates using deutsche mark basis part exchange rate mechanism erm however resulted disaster britain.restrictions imposed erm put pressure pound leading run currency.
Economic history of the United Kingdom	black wednesday september ended british membership erm.also damaged credibility conservatives reputation economic competence contributed end years consecutive conservative government .party long divided european issues many rifts within party still mended .despite downfall conservative government seen strong economic recovery unemployment fallen million since end .million time election defeat four years later.inflation also remained low erm exit followed gradual decrease interest rates years followed.
Economic history of the United Kingdom	– new labour may tony blairs newly elected labour government stuck conservatives spending plans.chancellor gordon brown gained reputation prudent chancellor helped inspire renewed confidence labours ability manage economy following economic failures earlier labour governments.one first acts new labour government embarked give power set interest rates bank england effectively ending use interest rates political tool.control banks given financial services agency.labour also introduced minimum wage united kingdom raised every year since introduction april .blair government also introduced number strategies cut unemployment including expansion public sector.
Economic history of the United Kingdom	unemployment constantly .million first half – level seen since late although government never succeeded getting unemployment back six figure tallies seen years end world war ii.st century labour partys second term office beginning achieved another landslide victory party increased taxes borrowing.government wanted money increase spending public services notably national health service claimed suffering chronic underfunding.economy shifted manufacturing declining since grew back services finance sectors public sector continued expand.
Economic history of the United Kingdom	country also war first afghanistan invading iraq – proved controversial british public.spending reached several billion pounds year governments popularity began slide although manage win third general election blair reduced majority.blair stepped two years later decade prime minister succeeded former chancellor gordon brown change leader coming time labour starting lag behind conservatives led david cameron opinion polls.by stage unemployment increased slightly .million although economy continued grow uk continuing lose large numbers manufacturing jobs due companies encountering financial problems switching production overseas save labour costs.particularly evident car industry general motors vauxhall ford significantly cut back uk operations peugeot french carmaker bought former rootes group chrysler europe operations late completely withdrawn britain.
Economic history of the United Kingdom	closures resulted thousands job losses although biggest single blow car industry came mg rover went liquidation jobs lost carmaker alone lost associated supply industries dealerships mention business failures job cuts befell businesses relied largely trade carmakers employees.largest collapse european carmaker modern times.growth rates consistently .early .inflation though relativity steady around rise approach financial crash.bank englands control interest rates major factor stability british economy period.
Economic history of the United Kingdom	pound continued fluctuate however reaching low dollar rate .per £ rising rate approximately per £ .euro pound steady rate approximately €.per £.since effects credit crunch led slowdown economy.
Economic history of the United Kingdom	start november example pound worth around €.end year almost approached parity dropping one point €.ending year €.. recession quantitative easing uk entered recession q according uk office national statistics ons exited q .revised ons figures november showed uk suffered six consecutive quarters contraction.january government figures office national statistics showed uk officially recession first time since .
Economic history of the United Kingdom	entered recession final quarter accompanied rising unemployment increased .may .may .unemployment rate among yearolds rose ... although initially britain lagged behind major economies including germany france japan us returned growth second quarter country eventually returned growth last quarter .
Economic history of the United Kingdom	january confirmed uk left recession last major economy world so.months february uk economy grew yet .. q economy grew .fastest rate growth years.q figures released showed uk economy grew .fastest q growth years.on march bank england announced would pump £ billion new capital british economy process known quantitative easing.
Economic history of the United Kingdom	first time united kingdoms history measure used although banks governor mervyn king suggested experiment.process saw boe creating new money used purchase assets government bonds bank loans mortgages.despite misconception quantitative easing involves printing money instead money created electronically thus actually enter cash circulation system.initial amount created method £ billion although former chancellor exchequer alistair darling given permission £ billion created necessary.thought process likely occur period three months results likely long term.the boe stated decision taken prevent rate inflation falling two percent target rate.
Economic history of the United Kingdom	mervyn king governor boe also suggested monetary options left interest rates already cut lowest level ever .unlikely would cut further.as end november economy shrunk .making – recession longest since records began.december office national statistics revised figures third quarter showed economy shrank .compared .
Economic history of the United Kingdom	fall previous quarter.it suggested uk initially lagged behind european neighbours uk entered recession later.however german gdp fell .year year compared uks .germany posted second quarterly gain gdp.commentators suggested uk suffered slightly longer recession large european countries result government policy dating back policies thatcher government uk governments moved away supporting manufacturing focused financial sector.
Economic history of the United Kingdom	oecd predicts uk grow ..unemployment rate recorded labour force survey fell fourth quarter first big three economies eu so.gdp decreased second revision figure .third quarter decrease .
Economic history of the United Kingdom	second quarter according office national statistics ons..decline first quarter .october economy contracted .peak recession began.in october international monetary fund imf forecast british gdp grow .
Economic history of the United Kingdom	..however gdp growth slowed fall .april–june second quarter revised zero.september oecd forecast contraction least two quarters uk economy possibly severe placing predicted performance last g leading economies.
Economic history of the United Kingdom	six quarters later uk economy still contracting placing question mark oecd forecasting methods.it argued heavy government borrowing past cycle led severe structural deficit reminiscent previous crises inevitably exacerbate situation place uk economy unfavourable position compared oecd partners attempts made stimulate recovery oecd nations allowed greater room manoeuvre thanks contrasting policies relatively tighter fiscal control prior global downturn.in may european commission ec stated uk economy clearly experiencing one worst recessions recent history.ec expected gdp decline .projected growth remain negative first three quarters .predicted two quarters virtual stagnation late early followed gradual return slight positive growth late .the ftse ftse rose highest levels year september ftse breaking ftse breaking .september national institute economic social research believed economy grown .
Economic history of the United Kingdom	three months august proved wrong.eyes uk recession officially although warn normal economic conditions returned.day figures also showed uk manufacturing output rising fastest rate months july.september eu incorrectly predicted uk economy grow .july september day governor bank england mervyn king said uk gdp growing.
Economic history of the United Kingdom	time unemployment fell wales.many commentators uk certain uk would leave recession officially q believing signs showed growth extremely likely although fact government spending insufficient rescue economy recession point.figures fact showed growth retail sales september .decline industrial output august.revised uk figures confirmed economy shrank q .although government spending cash car scrappage scheme helped.
Economic history of the United Kingdom	car scrappage scheme enabled owners cars least years old buy new car reduced price return old car scrapped proved popular motorists.yet temporary lapse followed solid .growth q.uk manufacturers body eef appealed cash government without extension support business investment prebudget statement next month difficult see momentum growth come from.the downturn economy saw popularity labour government slump opinion polls showed conservatives lead time although early gap parties narrow enough suggest imminent general election would result hung parliament – happened may .conservatives largest number seats election short majority formed government coalition liberal democrats.new government faced make deep public spending cuts following years order tackle high level national debt mounted labours response recession meant unemployment remained high economy struggled reestablish growth although marked improvement finally occurred economic growth falling unemployment sustained.moodys maintained uks aaa credit rating september forecasting stable finances largely driven governmental action.also reported economy flexible grow future household debt repayments poor export market economys large exposure finance sector factors likely sap growth.subsequent economy contracted next quarters thus ensuring zero net growth end recession end middle .
Economic history of the United Kingdom	economy picked growing steadily however summer eurozone crisis centred greece led second slow european countries.eurozone entered double dip recession lasted q q uk double dip recession however experience stagnant growth.first half saw inflationary pressures subside business confidence increase number fundamental weaknesses remain notably decline productivity british business.from q uks economy continued grow five consecutive quarters longest since q showing growth beating developed economies helped rebound housing market strong growth manufacturing services industries.imf increased uk growth forecasts ..
Economic history of the United Kingdom	january .subsequently inflation dropped low .q unemployment dropped .lowest level since impressive growth employment leading alltime high .million.
Economic history of the United Kingdom	uk government posted £.billion national deficit fiscal year ending march meeting target £.billion set month previously.especially impressive since many countries eu specifically euro stagnating france italy.however argued economic recovery reaching majority people country wage growth keeping inflation.
Economic history of the United Kingdom	metric improved wage growth outpacing inflation first time six years.historiography business united kingdom business history britain emerged following publication series influential company histories establishment journal business history university liverpool.influential early company histories charles wilsons history unilever first volume published .examples include d. c. colemans work courtaulds artificial fibres b. w. e. alford wills tobacco industry t. c. theo barker pilkingtons glass manufacture.early studies conducted primarily economic historians interested role leading firms development wider industry therefore went beyond mere corporate histories.
Economic history of the United Kingdom	although work examined successful industries industrial revolution role key entrepreneurs scholarly debate british business history became increasingly focused economic decline.economic historians loss british competitive advantage could least part explained entrepreneurial failure prompting business history research individual industry corporate cases.however interpretation entrepreneurial failure challenged cliometricians notably deirdre mccloskey quantitatively assessed productivity path british economy favourable light.traditional analysis presented peter payne british entrepreneurship nineteenth century presented similar though deliberately nuanced refutation thesis entrepreneurial failure one debate concerns performance firms lancashire cotton textile industry.often seen leading sector propelled economic takeoff industrialisation firms appeared relatively slow invest adopt recent technological developments demonstrated low levels relative labour productivity .
Economic history of the United Kingdom	william lazonick example argued cotton textile entrepreneurs lancashire like american cottontextile producing counterparts failed develop larger integrated plants found sectors american economy general conclusion proposed chandler number comparative case studies.paradoxically j. p. coats scottish cotton manufacturing firm headquartered paisley renfrewshire achieved industrys highest levels productivity world let alone united kingdom company also owned amongst impressive portfolio subsidiaries probably best performing cotton manufacturing firm united states america.lancashire may failed j. p. coats worlds largest manufacturing company equity market value not.with economic performance british businessmen viewed better informed balanced way critics turned sociology emphasise position class structure especially supposed subordinate relationship aristocracy desire use wealth purchase landed estates acquire hereditary titles.british business history began widen scope innovative research conducted london school economicss business history unit led first leslie hannah terry gourvish david jeremy edited multivolume.similar collection biographies published scholars associated centre business history glasgow dictionary scottish business biography.research centres followed including reading reflecting increasing involvement discipline business management school academics.the journal business history reflected widening ambition discipline editors first geoffrey jones harvard business school charles harvey university newcastle business school latterly john wilson university newcastle business school steven toms leeds university business school promoted management strategy themes networks family capitalism corporate governance human resource management marketing brands multinational organisations international well merely british context.
Economic history of the United Kingdom	new themes allowed business historians challenge adapt earlier conclusions alfred d. chandler jr. others british businessmen performance british economy.see also economy united kingdomhistoriography british empirehistoriography poor lawshistoriography united kingdomhistory foreign relations united kingdomhistory united kingdomhistory englandhistory northern irelandhistory scotlandhistory waleseconomy england middle ageseconomic history scotlandhistory trade unions united kingdomtaxation united kingdomenglish societysocial history united kingdom –present includes economic topicshistory company law united kingdomlist recessions united kingdomagricultural history reviewbusiness history reviewthe economic history review references reading aldcroft d. h. richardson h. w. .british economy –.aldcroft derek h. “economic growth britain interwar years reassessment.” economic history review vol.no.pp.
Economic history of the United Kingdom	–.onlinealford b. w. e. .british economic performance –.ashton t.s.industrial revolution oxford online freeashworth william.economic history england taylor francis arnold toynbees industrial revolution translation modern english kindle edition .
Economic history of the United Kingdom	isbn bailey frank e. economics british foreign policy .journal modern history .–.onlineball michael david sunderland.economic history london routledge .
Economic history of the United Kingdom	excerpt text searchbaten j. history global economy present pp.–.berg maxine.age manufactures industry innovation work britain routledge .berghahn volker r. american big business britain germany comparative history two special relationships twentieth century princeton university press xii pp.broadberry stephen et al.british economic growth review jeffrey g. williamsonbroadberry stephen campbell bruce m. s. leeuwen bas van .britain industrialise sectoral distribution labour force labour productivity britain – pdf.
Economic history of the United Kingdom	explorations economic history.–.doi.j.eeh....cain p. j. a. g. hopkins.british imperialism innovation expansion nd ed.online.cannadine david.
Economic history of the United Kingdom	“the present past english industrial revolution .” past present no.pp.–.onlinecain peter tony hopkins.british imperialism nd ed.
Economic history of the United Kingdom	chambers j. d. workshop world british economic history clapham j. h. economic history modern britain vol – since onlineclapham john.concise economic history britain earliest times .onlinecottrell philip l. industrial finance finance organization english manufacturing industry routledge .crafts nicholas..forging ahead falling behind fighting back british economic growth industrial revolution financial crisis.
Economic history of the United Kingdom	cambridge university press.daunton m. j. progress poverty economic social history britain oxford university press davis ralph.english foreign trade –.economic history review .–.jstordavis ralph.
Economic history of the United Kingdom	english foreign trade –.economic history review .–.jstorellison martin andrew scott..
Economic history of the United Kingdom	managing uk national debt –.american economic journal macroeconomics –.feis herbert.europe worlds banker online mostly london banks.charles h. feinstein national income expenditure output united kingdom..studies national income expenditure united kingdom .

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