‘Dynamic, Exciting, Thrilling Change’: the Wilson Government's Economic Policies, 1964–70

Abstract

Much of the disillusionment with Harold Wilson as Labour's leader and prime minister was due to his perceived failure on the economic front. He pledged not to devalue sterling, but did exactly that in 1967; he promised to keep unemployment low, but had by 1970 accepted a higher rate of joblessness than the Conservatives had managed. Some of the elements in Labour's programme – the emphasis on steadier growth, for instance – were probably misguided. These problems and defeats have, however, obscured some of the real achievements of the period. Science and education spending grew very quickly; industrial investment rose; government was increasingly well informed and better advised about the performance of the economy. In an increasingly unstable and rapidly changing economic environment, this government's economic record is here shown to be, if not hugely impressive, then at least relatively creditable. The problems of 1964–70 require more understanding and analysis than condemnation.