ABSTRACT

From another point of view, the 1960s was a decade of experiment in economic and social policy. In Britain the innovations included the introduction of a seemingly endless succession of departures in fiscal policy: the tax regulator, a capital gains tax, corporation tax, the selective employment tax and, on the other side of the ledger, the regional employment premium and investment grants. An attempt was made to accelerate economic growth through the National Economic Development Council and the National Plan; to curb inflation through a long succession of experiments in incomes policy; to fashion new ways of operating on the balance of payments, notably through the temporary import surcharge and the provision for the surrender of 25 per cent of the premium on investment currency; and to restructure industry through the Industrial Reconstruction Cor­ poration. Other initiatives had a broader purpose: the efforts to join the European Community; the founding of many new universities,

including the Open University; and the relaxations in the law that came to be labelled ‘permissiveness’.