ABSTRACT
The fortunes of the economy fl uctuated over the period (see Table 7.2). Unemployment oscillated between a low of 1.5 per cent and a high of around 2.5 per cent until 1970, when it began climbing towards a thirtyyear high of 4 per cent. The economy grew steadily, if unspectacularly, every year through the 1960s, but since Britain’s growth rate was lower
Table 7.1 British General Election Results 1959-1974, Number of Seats and Labour % of Votes
Date Labour Conservative Liberal Other Total
October 1959 258 (43.9) 365 6 1 630
October 1964 317 (44.1) 304 9 0 630
March 1966 364 (48.0) 253 12 1 630
June 1970 288 (43.1) 330 6 6 630
February 1974 301 (37.2) 297 14 23 635
than those of its main European rivals, the result was a steady decline in the country’s share of world manufacturing trade. Despite a commitment to increase manufacturing exports, both Labour and Conservative governments retained an equally strong commitment to protect the value of sterling as an international currency, notwithstanding frequent adverse speculation in currency markets. In November 1967 Labour fi nally succumbed to the reality of a weakened currency and devalued the pound against the US dollar, an act that also devalued its reputation for competent economic management.
