When Elizabeth ascended the throne as Elizabeth II in 1952, the United Kingdom emerged from a war economy. Butter and meat are still rationed. The economic situation is disastrous, the debt is fifteen times greater than the country’s gold and foreign exchange reserves. It is in this context that theThe queen attends the nationalization of part of the economy. Energy (coal-gas-electricity), the steel industry, rail, rail and air transport, as well as the road network came under state control. The national health service, applied since 1948, guarantees free care but has eliminated 95% of liberal medicine.
With the discovery of North Sea oil reserves in the 1960s, the British monarchy was transformed into an oil monarchy. The financial manna from oil makes it possible to improve the balance of payments and reduce public debt. An economic rebound that will be short-lived.