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The Start of the 1970s
Dissipating an Inheritance
The Treasury Again Under the Tories
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argument attempt balance of payments beneﬁts billion British Budget deﬁcit capital cent Chancellor competitive conﬁdence Conservative costs countries currency demand management democracy depreciation devaluation difﬁcult economic economists effect efﬁciency election elective dictatorship electorate employers employment enterprise exchange rate expectations export favour ﬁgure ﬁnance ﬁnancial ﬁnd ﬁrms ﬁrst ﬁscal ﬁxed ﬂoating ﬂuctuations force forecasts Government’s groups growth Heath import controls incomes policy increase industrial inﬂationary inﬂuence interest intervention investment judgement labour market less majority market economy ministers monetary policy money supply National Enterprise Board nationalised North Sea oil ofﬁce ofﬁcial output overseas party people’s political politicians possible present problem producers proﬁtability proﬁts public sector public spending rate of inﬂation real wages reason reﬂect rent rise Roy Jenkins social social market economy speciﬁc sterling subsidies sufﬁcient Treasury unemployment United Kingdom votes workers