The Decline and Fall of the British Aircraft Industry Part 2

The Britain that emerged from WW2 was very different from the one that entered it.  As is often the case the victors pay a heavy price for what is often a short-lived triumph.  Now effectively bankrupt and in hoc to the Americans, the second half of the 20th century for the British would be in large part defined by trying to keep up imperial pretensions on a budget with V-bombers and oddly named nuclear devices

The British aircraft industry had had a good war and at the end of 1945 were probably the most advanced in the world. A combination of almost limitless war funding meant it was also one of the countries largest industrial sectors. There were some 22 British companies designing and building airframes and a further 9 manufacturing engines employing more than a million people.  All of whom now saw the government switch off the financial hose pipe. Could they adjust to the post war reality?  

The South Sea Bubble of 1720 was one of the first major financial crashes in history. It a story that mixes avarice, corruption, deceit and vast sums of other peoples money all topped off with political infighting and an unpopular monarch. In this second part the bubble bursts in both London and Paris, but for different reasons.  And Robert Walpole takes advantage of the chaos to take revenge and emerge as the Prime Minister.  

The South Sea Bubble of 1720 was one of the first major financial crashes in history. It a story that mixes avarice, corruption, deceit and vast sums of other peoples money all topped off with political infighting and an unpopular monarch.  The company promised high returns and its stock price soared as investors rushed to buy shares. However, the company's 'profits' relied  on speculation, bribing MPs and sale of its own stock to maintain high prices. The bubble burst in 1720 leading to widespread financial ruin for many investors. The crash had significant economic and political repercussions, including the disgrace of several government officials and the rise of Robert Walpole, Britain's first Prime Minister.  

In the village of Putney in 1647 a radical idea was born out of radical times. England had just endured five years of civil war. The king was under house arrest, and Parliament was clueless about the next steps. They certainly didn’t anticipate demands from sections of the army and their civilian supporters calling for democracy, religious tolerance, and equality under the law. Whilst it’s unimaginable for French schools to omit the 1789 Revolution or for American high schools to skip the Wars of Independence, here in the United Kingdom the Putney Debates are largely forgotten but arguably just as important, maybe more so. 

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