please explain the impact of the first world war on britains economy.
Unlike USA, Britain actually suffered the heavy physical losses of the First World War. It led to a gradual increase in taxation of income in Britain. There was a great disequilibrium between the demand and supply in the industrial sector. Rationing became a norm of British economy during this period. The aftermath of the First World War also saw immense labour unrest in Britain. This was especially so in the northern parts, among the coal miners. It also led to minor yet definite redistribution of income in Britain.
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