... inflation began rising the government would apply the brakes by raising interest rates and increasing and raise tax it turn making it harder to borrow money. The Conservatives would fortunately lower interest rates and taxes around the time of elections. On the surface the stop go policy seemed to work and as a result the consumer industry flourished and people soon found that wage demands were often met and standards of living were higher. This went hand in hand with the increased sales of consumer durables such as vacuum cleaners, washing machines and televisions. However, during this time the Conservatives were very lucky due to the split in the Labour Party, which meant that Labour were largely unable to compete successfully. The Labour Party had large splits between their left and right wing with had a succession of what seemed out dated leaders and Gaitskill faced massive problems between the ...

See this essay or coursework document in full right now