ABSTRACT
The United Kingdom emerged from the Second World War in what seemed, in comparison with most of her continental neighbours, to be a relatively favourable position. In 1946 industrial production was as high as at any time before the war and rising quite fast. By the end of the year exports had regained their pre-war level. There was little unemployment and retail prices were relatively stable. All this contrasted strongly with the situation in France, Germany, and Italy.
