U.K. Finance: The Transformation of the 1960s
The end of the war was nearly fifteen years away in the autumn of 1959. The process of reconstruction had by then been completed some four or five years previously, above all on the massive foundations of the Marshall Plan for reinforcing and refloating the economy of Western Europe. With the benefit of hindsight, it seemed that progress had been such as to justify increasing expectations. Mr Macmillan, getting ready for his general election and with the uncomfortable Suez story in the background, decided to seek the country’s approval on the basis of his economic policy. He fought the election on the slogan of ‘You’ve never had it so good’. (The originating words, spoken by Harold Macmillan at a Tory rally in 1957, are said to have been: ‘Let us be frank about it, most of our people have never had it so good.’) It was a risky move: the country could have reacted forcibly against complacency. But Macmillan’s judgement had not failed him, and he was returned with a comfortable and unexpected majority.
KeywordsInterest Rate Central Bank Financial Institution Foreign Currency Financial Centre
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