In the last three months the economy has been subject to abnormal strains. The immediate threat of a serious shortage of supplies of oil has receded; but the United Kingdom, like other oil-importing countries, is now paying much higher prices for oil: this will produce a major change in the pattern of international payments. And output, so far this year, has been heavily restricted by short-time working resulting from the dispute in the coal-mining industry.
Published on
01 March 1974
Economic commentary