How The UK Economy Has Changed In The Past 70 Years (1952-2022)

17th September 2022

From the blog of Tejvan Pettinger an interesting article.

In 1952 when Queen Elizabeth II came to the throne, the UK was a major economic power, but still reeling from the costs of the Second World War, with rationing and austerity still visible. The post-war period saw a remarkable rising living standards, strong economic growth and radical changes in the economy, but also saw the UK lose its pre-eminent position as it fell behind its major competitors. As we enter 2022, in a symbolic moment, the UK economy has recently been overtaken by India, a former colony of the British Empire, and something that would have been unthinkable in 1952.

Real living standards have increased 4.5 times, and this is reflected in the much greater choice of consumer goods that we can enjoy in 2022. In just 15 years from 1950 to 1965, real incomes rose 40%. Back in 1952, household goods like TVs were a rarity and so many goods like computers and mobile phones a long time from being invented. In 1950, just 1% owned television sets; by 1965 that had risen to 25%. However, since 2009, the post-war economic boom looks like a different era, with economic growth per capita starting to stagnate and only seeing marginal increases in living standards. The arrival of rising energy prices and unexpectedly high inflation, risk pushing the UK in to a new ‘winter of discontent'.

Read the full article HERE