Britain in the Second Half of the 20th Century
A Conservative government returned to power in 1951 under Winston Churchill. The Conservatives accepted most of the changes the Labour Party had made. By 1955, rationing and most other wartime controls had ended. Industry was thriving, jobs were plentiful, and wages were good. Churchill retired in 1955, and Sir Anthony Eden succeeded him as prime minister. Eden resigned in 1957, and Harold Macmillan succeeded him.
The economy continued to expand until the early 1960s. Hoping to improve the economy, the government applied for membership of the European Economic Community. By joining the EEC, Macmillan hoped the UK would be able to expand its export trade. But in January 1963, the UK's application was rejected, largely because of opposition from French President Charles de Gaulle. The rejection was a defeat for Macmillan. The 1964 election brought the Labour Party back to power under Harold Wilson.
In 1965 Parliament adopted a five-year national plan of economic recovery. This plan was based on encouraging monopoly development. Wilson’s government also lowered the voting age from 21 to 18. But at the same time the Labour government maintained a typical wage-freeze policy which led to wide-scale industrial unrest.
The government faced mounting economic problems. The UK was importing far more goods than it was exporting, and its industrial growth rate was too slow. The country's financial reserves shrank, and it had to borrow more and more money from other countries and international agencies. In 1966, the government began an austerity programme by increasing taxes and putting a ceiling on wages and prices. In October 1967, the UK was again rejected for membership of the EEC. In November, the government devalued the pound in response to the serious economic situation.
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