Social Contract (Britain)
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The Social Contract is a term used to describe policy by the Labour government of Harold Wilson in 1970s Britain.
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In return for the repeal of 1972 Industrial Relations Act, food subsides and a freeze on rent increase, the TUC would be able to persuade its members to cooperate in a programme of voluntary wage restraint
Aims: To avoid the difficulty of former incomes policies, allow you to treat individual groups separately 12 month interval between wage settlements Negotiated increased should be confined either to compensating for prices increase since the last settlement or for anticipated future price increases before the next settlement It was to be the foundation on which Healey could introduce a stronger budget.
However: Social Contract failed. Some wage settlements were about 30%.
