Constrained postwar government finances did not mean that the whole British economy was bankrupt. Britain could still find money for selected priorities, and at points in the 1970s its governments were willing to pursue funds beyond the immediate state balance sheet. Its long history as a global economic hub also meant that important financial flows were not always visible in simple assessments. State budgets and the wider resources of the society they govern are related, but they are not identical.
Notable Point · 1:55:38-1:56:35
Postwar state finances were not the whole British economy
A caution about postwar bankruptcy distinguishes constrained British public finances from the wider and sometimes less visible resources of the national economy.