Alternative Economic Strategy
The Alternative Economic Strategy (AES) is the name of an economic programme proposed by Tony Benn, a dissident member of the British Labour Party, during the 1970s and 1980s. The Secretary of State for Industry in the Labour government, Tony Benn, wrote a paper for his Department in January 1975, which he described in his diary: "It described Strategy A which is the Government of national unity, the Tory strategy of a pay policy, higher taxes all round and deflation, with Britain staying in the Common Market. Then Strategy B which is the real Labour policy of saving jobs, a vigorous micro-investment programme, import control, control of the banks and insurance companies, control of export, of capital, higher taxation of the rich, and Britain leaving the Common Market." With Britain in economic crisis in October 1976, Benn put forward the AES in Cabinet with the partial support of Peter Shore. Benn said the two courses open to the government were the monetarist, deflationary co ...
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Tony Benn
Anthony Neil Wedgwood Benn (3 April 1925 – 14 March 2014), known between 1960 and 1963 as Viscount Stansgate, was a British Labour Party (UK), Labour Party politician and political activist who served as a Cabinet of the United Kingdom, Cabinet minister in the 1960s and 1970s. He was the Member of Parliament (United Kingdom), Member of Parliament for Bristol South East and Chesterfield (UK Parliament constituency), Chesterfield for 47 of the 51 years between 1950 Bristol South East by-election, 1950 and 2001 United Kingdom general election, 2001. He later served as President of the Stop the War Coalition from 2001 to 2014. The son of a Liberal Party (UK), Liberal and later Labour Party politician, Benn was born in Westminster and privately educated at Westminster School. He was elected for Bristol South East at the 1950 United Kingdom general election, 1950 general election but on his father's death he inherited Viscount Stansgate, his peerage, which prevented him from continui ...
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United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The UK includes the island of Great Britain, the north-eastern part of the island of Ireland, and most of List of islands of the United Kingdom, the smaller islands within the British Isles, covering . Northern Ireland shares Republic of Ireland–United Kingdom border, a land border with the Republic of Ireland; otherwise, the UK is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. It maintains sovereignty over the British Overseas Territories, which are located across various oceans and seas globally. The UK had an estimated population of over 68.2 million people in 2023. The capital and largest city of both England and the UK is London. The cities o ...
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Labour Party (UK)
The Labour Party, often referred to as Labour, is a List of political parties in the United Kingdom, political party in the United Kingdom that sits on the Centre-left politics, centre-left of the political spectrum. The party has been described as an alliance of social democrats, democratic socialists and trade unionists. It is one of the Two-party system, two dominant political parties in the United Kingdom; the other being the Conservative Party (UK), Conservative Party. Labour has been led by Keir Starmer since 2020 Labour Party leadership election (UK), 2020, who became Prime Minister of the United Kingdom following the 2024 United Kingdom general election, 2024 general election. To date, there have been 12 Labour governments and seven different Labour Prime Ministers – Ramsay MacDonald, MacDonald, Clement Attlee, Attlee, Harold Wilson, Wilson, James Callaghan, Callaghan, Tony Blair, Blair, Gordon Brown, Brown and Starmer. The Labour Party was founded in 1900, having e ...
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Secretary Of State For Business, Innovation And Skills
The secretary of state for business and trade (business secretary), is a secretary of state in the Government of the United Kingdom His Majesty's Government, abbreviated to HM Government or otherwise UK Government, is the central government, central executive authority of the United Kingdom of Great Britain and Northern Ireland.

European Economic Community
The European Economic Community (EEC) was a regional organisation created by the Treaty of Rome of 1957,Today the largely rewritten treaty continues in force as the ''Treaty on the functioning of the European Union'', as renamed by the Lisbon Treaty. aiming to foster economic integration among its member states. It was subsequently renamed the European Community (EC) upon becoming integrated into the Three pillars of the European Union, first pillar of the newly formed European Union (EU) in 1993. In the popular language, the singular ''European Community'' was sometimes inaccurately used in the wider sense of the plural ''European Communities'', in spite of the latter designation covering all the three constituent entities of the first pillar. The EEC was also known as the European Common Market (ECM) in the English-speaking countries, and sometimes referred to as the European Community even before it was officially renamed as such in 1993. In 2009, the EC formally ceased to ...
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Pound Sterling
Sterling (symbol: £; currency code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound is the main unit of sterling, and the word '' pound'' is also used to refer to the British currency generally, often qualified in international contexts as the British pound or the pound sterling. Sterling is the world's oldest currency in continuous use since its inception. In 2022, it was the fourth-most-traded currency in the foreign exchange market, after the United States dollar, the euro, and the Japanese yen. Together with those three currencies and the renminbi, it forms the basket of currencies that calculate the value of IMF special drawing rights. As of late 2022, sterling is also the fourth most-held reserve currency in global reserves. The Bank of England is the central bank for sterling, issuing its own banknotes and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Sterling banknotes issu ...
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Peter Shore
Peter David Shore, Baron Shore of Stepney, (20 May 1924 – 24 September 2001) was a British Labour Party politician and Cabinet minister, noted in part for his opposition to the United Kingdom's entry into the European Economic Community. He served as a Member of Parliament (MP) for over 30 years, from 1964 to 1997. His idiosyncratic left-wing nationalism led to comparison with the French politician Jean-Pierre Chevènement. He was described in an obituary by the Conservative journalist Patrick Cosgrave as "Between Harold Wilson and Tony Blair, the only possible Labour Party leader of whom a Conservative leader had cause to walk in fear" and, along with Enoch Powell, "the most captivating rhetorician of the age". Early life Born in Great Yarmouth, Norfolk, Shore was the son of a Merchant Navy captain and was brought up in a middle-class environment. He attended Quarry Bank High School in Liverpool and, from there, went to King's College, Cambridge, to read History as ...
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Monetarism
Monetarism is a school of thought in monetary economics that emphasizes the role of policy-makers in controlling the amount of money in circulation. It gained prominence in the 1970s, but was mostly abandoned as a direct guidance to monetary policy during the following decade because of the rise of inflation targeting through movements of the official interest rate. The monetarist theory states that variations in the money supply have major influences on national output in the short run and on price levels over longer periods. Monetarists assert that the objectives of monetary policy are best met by targeting the growth rate of the money supply rather than by engaging in discretionary monetary policy. Phillip Cagan, 1987. "Monetarism", '' The New Palgrave: A Dictionary of Economics'', v. 3, Reprinted in John Eatwell et al. (1989), ''Money: The New Palgrave'', pp. 195–205, 492–97. Monetarism is commonly associated with neoliberalism. Monetarism is mainly associated ...
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Deflation
In economics, deflation is a decrease in the general price level of goods and services. Deflation occurs when the inflation rate falls below 0% and becomes negative. While inflation reduces the value of currency over time, deflation increases it. This allows more goods and services to be bought than before with the same amount of currency. Deflation is distinct from '' disinflation'', a slowdown in the inflation rate; i.e., when inflation declines to a lower rate but is still positive. Economists generally believe that a sudden deflationary shock is a problem in a modern economy because it increases the real value of debt, especially if the deflation is unexpected. Deflation may also aggravate recessions and lead to a deflationary spiral . Some economists argue that prolonged deflationary periods are related to the underlying technological progress in an economy, because as productivity increases ( TFP), the cost of goods decreases. Deflation usually happens when supply is hi ...
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HM Treasury
His Majesty's Treasury (HM Treasury or HMT), and informally referred to as the Treasury, is the Government of the United Kingdom’s economic and finance ministry. The Treasury is responsible for public spending, financial services policy, Tax system, taxation, Infrastructure, state infrastructure, and economic growth. It is led by the Chancellor of the Exchequer, chancellor of the exchequer, currently Rachel Reeves since 5 July 2024. The Treasury's main offices are located in London and Darlington, with additional offices in Edinburgh and Norwich. It is one of the smallest government departments in terms of staff numbers, but widely considered the most powerful. History The origins of the Treasury of England have been traced by some to an individual known as Henry the Treasurer, a servant to King William the Conqueror. This claim is based on an entry in the Domesday Book showing the individual Henry "the treasurer" as a landowner in Winchester, where the royal treasure was sto ...
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Protectionism
Protectionism, sometimes referred to as trade protectionism, is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations. Proponents argue that protectionist policies shield the producers, businesses, and workers of the import-competing sector in the country from foreign competitors and raise government revenue. Opponents argue that protectionist policies reduce trade, and adversely affect consumers in general (by raising the cost of imported goods) as well as the producers and workers in export sectors, both in the country implementing protectionist policies and in the countries against which the protections are implemented. Protectionism has been advocated mainly by parties that hold economic nationalist positions, while economically liberal political parties generally support free trade. There is a consensus among economists that protectionism has a ...
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International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate economic stability, stability. Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and poverty reduction, reduce poverty around the world." Established in July 1944 at the Bretton Woods Conference, primarily according to the ideas of Harry Dexter White and John Maynard Keynes, it started with 29 member countries and the goal of reconstructing the international monetary systems, international monetary system after World War II. In its early years, the IMF primarily focused on facilitating fixed exchange rates across the developed worl ...
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