Post-War Stability (1950-1974)

(From the FT) This period was one of relative stability for Britain - with generally low inflation, and no significant recessions - and of relative decline, as other nations, in particular the resurgent Germany and Japan, overtook the UK in the international economic pecking order.

Political parties were in broad agreement that the state had a role to play in the economy, to fund the expanding welfare state and, by judicious use of fiscal and monetary policies, to maintain full employment.