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The United Kingdom home front during World War II covers the political, social and economic history during 1939–1945. The war was expensive and financed through high taxes, selling off assets, and accepting large amounts of Lend Lease from the US and Canada. The US provided $30 billion in munitions, while Canada also contributed aid.
Structural weaknesses in the British economy meant a disproportionate number of jobs were in the traditional industries. A combination of a lack of pre-war technological development and post-war competition damaged the economy and the new industries which emerged employed fewer people.
By the end of the war, the economy of the United Kingdom was one of severe privation, as a significant portion of its national wealth had been consumed by the war effort. . Until the introduction in 1941 of Lend-Lease aid from the US, the UK had been spending its assets to purchase American equipment including aircraft and ships—over £437 million (equivalent to some £27 billion in 2023) on ...
Others point to a variety of factors, including the inflationary effects of the World War and supply-side shocks caused by reduced working hours after the war. [194] By the late 1920s, economic performance had stabilised, but the overall situation was disappointing, for Britain had fallen behind the United States as the leading industrial power.
The post-World War II period witnessed a dramatic rise in the average standard of living, with a 40% rise in average real wages from 1950 to 1965. [236] Workers in traditionally poorly paid semi-skilled and unskilled occupations saw a particularly marked improvement in their wages and living standards.
Independence strengthened the Commonwealth of Nations, and had a valuable impact on the British economy, with large sums transferring back and forth, as well as fresh migrants arriving from India. In sharp contrast, France felt humiliated by its loss of its colonial empire , especially Algeria and Vietnam .
The thesis of post-war consensus was most fully developed by Paul Addison. [5] The basic argument is that in the 1930s Liberal intellectuals led by John Maynard Keynes and William Beveridge developed a series of plans that became especially attractive as the wartime government promised a much better post-war Britain and saw the need to engage every sector of society.
The US-led victory over the Empire of Japan brought about the end of World War II in Asia. In the afternoon of 15 August 1945, the surrender of Japan occurred, effectively ending World War II. On this day the initial announcement of Japan's surrender was made in Japan, and because of time zone differences it was announced in the United States ...