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Introduction

In: Monetary Policy and Financial Repression in Britain, 1951–59

Author

Listed:
  • William A. Allen

    (Cass Business School)

Abstract

A ‘reactivation of monetary policy’ in the United Kingdom (U.K.) took place in 1951. It consisted of the reintroduction of variations in short-term interest rates as a macro-economic policy instrument. It followed nearly two decades in which short-term interest rates had been kept very low, and Bank rate — the Bank of England’s discount rate — had been kept at 2%.1 ‘Cheap money’ had been used initially to combat the Great Depression and then to finance the Second World War at low cost to the government. Finally, it was the monetary policy chosen by the post-war Labour administration. The change of policy began in November 1951, eight months after a similar change in the United States of America (U.S.A.).2

Suggested Citation

  • William A. Allen, 2014. "Introduction," Palgrave Studies in Economic History, in: Monetary Policy and Financial Repression in Britain, 1951–59, chapter 1, pages 1-2, Palgrave Macmillan.
    • Handle: RePEc:pal:palscp:978-1-137-38382-2_1
    DOI: 10.1057/9781137383822_1
    as

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