During the late 1960s Britain still enjoyed unemployment rates of little over 2 per cent. The rise to over 4 per cent by early 1972 was certainly considered to be unacceptable by post‐war “Keynesian” standards and the infamous “Barber Boom” brought the unemployment rate down to “normal” levels by the end of 1973. However, the oil crisis heralded in an almost continuous rise in unemployment to over 6 per cent by 1977. In two years' time Britain experienced yet another substantial rise in unemployment with the rate climbing to over 9 per cent by the end of 1980.
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