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Tory Budget 1979
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Tory Budget 1979
Sir Geoffrey Howe with his Budget Box, when he was the Chancellor of the Exchequer for the then newly elected Conservative government. Date: 1979
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Media ID 7204869
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1979 Budget Chancellor Conservative Elected Exchequer Geoffrey Howe Newly Tory
EDITORS COMMENTS
This iconic photograph captures Sir Geoffrey Howe, the charismatic and respected Chancellor of the Exchequer, delivering the Conservative Party's first budget after their election victory in 1979. With a determined expression and a firm grip on his budget box, Howe embodied the new government's commitment to tackling the economic challenges of the time. The 1970s had been a decade of high inflation, unemployment, and industrial strife, and the public eagerly awaited the new administration's plans for economic recovery. The budget, presented on March 5, 1979, included a series of controversial measures designed to reduce the deficit and restore confidence in the economy. These included raising taxes, cutting public spending, and deregulating industries. Howe's delivery of the budget speech was met with a mix of anticipation and apprehension, as the public and financial markets waited to see how the new government would address the economic crisis. Despite initial controversy and criticism, the budget marked a turning point in British economic history. Under Howe's leadership, the Conservative government implemented a series of economic reforms that helped to bring inflation under control and pave the way for a period of economic growth and prosperity in the 1980s. This photograph, with its powerful image of Howe and his budget box, has become a symbol of the political and economic transformation that took place in Britain during the late 1970s and early 1980s.
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