Two opposed views:
The belief in economic decline is a mixture of illusion and misunderstanding. Britain has been relatively wealthy at least since the Middle Ages, and industrial pioneers gave us a temporary dominance in manufacturing during the mid-19th century. This was a brief and unique episode. Naturally, other countries adopted British technology — helped by British capital and expertise — and began to catch up. This was desirable as well as natural, because it provided richer markets for British goods and services and valuable investment opportunities for British savers.
To begin with, we will assess the state of Britain in 1945 both at home and abroad as it faced the challenges of post-war reconstruction. Already, during the war, important innovations, such as the Beveridge Report of 1942 and the Education Act of 1944, signalled the desire for reform and change across many sections of the British public. This resulted in the landslide Labour victory of July 1945. Labour then instituted a radical programme of nationalisation in transport and heavy industry as well as the establishment of a free National Health Service. Britain’s desperate economic situation, however, forced the government to continue with rationing and controls throughout the late-1940s. This is turn provoked increasing opposition in the country as people chaffed under the restrictions and shortages. In the general election of 1950, the Labour government’s majority was cut to five in the House of Commons and the following year Winston Churchill returned to No. 10 to head a Conservative government.
Your take on it?