To what extent was the period between 1951-1964 a ‘Golden...

To what extent was the period between 1951-1964 a ‘Golden Age’ for the economy? During this time, the Conservative government was said to have pursued mainly Keynesian economic policies, which centrally focused on reducing inflation. Their aims were to maintain growth, stability and a Keynesian system. However, some techniques used caused a rise in unemployment and higher interest rates. Therefore in terms of whether it was a ‘Golden Age’ for the economy; it depends on whose view the opinion is coming from. After WW2, Britain’s domestic life was in upheaval and most people wanted peace and to return to normal, the war also brought on an urge to broaden Britain’s wealth. This meant the new Conservative government was expected to†¦show more content†¦Britain had become one the world’s most profitable countries with spending increased by 20% during this period– even though the economic growth remained at just 3%. In the views of the politicians, the economy was not one of a ‘Golden Age’. As the British Cabinet Paper wrote, ‘It is clear that ever since the end of the war we have tried to do too much†¦we have only rarely been free from danger of economic crisis’. This illustrates the fact that although the economy was not falling apart, it was not stable and not prosperous. There was also a lack of a plan to deal with the economy; the government merely adjusted the system as it went along, which sometimes resulted in high rises of inflation or sudden consumer booms that did not correlate with its ability to pay for them – causing a deficit. Both parties (when in opposition) criticized the other of using the annual budgets as a mechanism to win votes in elections, and not improving the failing economy. For example, Heathcoat Amory’s 1959 budget included a range of tax cuts to boost support; this was in a time when high inflation suggested financial restraint would have been a better strategy. This resulted in higher consumer spending that led to a rise in inflation, and because of this the economy was unstable. In comparison with other competitive countries, Britain’s economy was also lagging behind. One aspect was that Britain’s GDP growth rate was the lowest in WesternShow MoreRelatedTo What Extent Was There a ‘Post War Consensus’ in British Politics from 1951 to 1964?913 Words   |  4 PagesTo what extent was there a ‘post war consensus’ in British politics from 1951 to 1964? (900 Words) Whether or not there truly was a ‘post war consensus’ in British politics from 1951 to 1964 is a highly debatable topic of which historians can often appear to be in two minds about; on one hand, Labour Prime Minister Harold Wilson infamously described the period as ‘Thirteen years wasted’, whereas historian Robert Blake (a supporter of the Conservatives’, regards it as a ‘Golden age of growth’. 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