Britain's Money Problems and Political Battles (1964-1979)

Page 2: Political Turmoil and Economic Crisis $1972-1976$

The period saw escalating industrial disputes and economic challenges, culminating in the miners' strikes and the three-day week crisis.

Highlight: The 1973 OPEC oil crisis triggered massive inflation and economic instability in Britain.

Example: The Three Day Week of 1973-74 demonstrated the severity of the energy crisis, with strict measures including a 50 mph speed limit.

Definition: Social Contract - An agreement between Labour and the TUC aimed at managing industrial relations through cooperation rather than confrontation.

Quote: The Social Contract was later criticized as an arrangement where "the only give and take with the unions was that the government gave and the unions took!"

Vocabulary: OPEC (Organization of Petroleum Exporting Countries) - The international organization whose oil embargo severely impacted the British economy.

Page 1: Labour and Conservative Governments $1964-1971$

The period begins with Harold Wilson's Labour government winning a narrow majority in 1964, facing immediate economic challenges. The timeline tracks the alternating governments and their major challenges.

Highlight: Labour's initial victory in 1964 came with a promise of modernization and the 'white heat' of scientific revolution.

Example: The 1967 devaluation of the pound to $2.40 demonstrated the severe economic pressures of the period.

Definition: Stagflation - A period of simultaneously high inflation and economic stagnation, which characterized much of this era.

Quote: Barbara Castle's 'In Place of Strife' plan in 1969 proved "hugely unpopular with TUC and left-wing Labour MPs."

Vocabulary: DEA (Department of Economic Affairs) - A government department created to oversee economic planning.