Nationalisation was built on an economic model reliant on traditional industries in an atmosphere of near full employment where the majority of the workforce were manual labourers and women workers were something of a novelty. What it didn’t take account of was the effect of the welfare state, the ‘them and us’ mentality of a working class populace and that the average shop floor worker in no way resembled a worker ant. Given an inch, the average British worker would put his feet up and rest on his laurels. An industry deprived of competition and adopting a 19th Century mentality towards its workers was a hot house for the Trade Unions and destined for failure.
Between 1950 and 1973 the whole of Europe went through a Golden Age of economic growth. In 1950’s Britain manufacturing produced a third of the national output, employed 40 per cent of the workforce and made up a quarter of world manufacturing exports. Average annual salary in 1945 was £371, worth around £14,700 today. By 1955 it was £729, worth around £17,500 and by 1970 it was £1800, worth around £25,500 in today’s terms.