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What economic measure is Selwyn Lloyd known for during his time as Chancellor?

  • "Pay Pause"

  • Introduction of VAT

  • Gold Standard

  • Privatization

Answer

The "Pay Pause" was an economic measure introduced by Selwyn Lloyd during his tenure as Chancellor of the Exchequer from 1960 to 1962. It was a temporary freeze on wage increases in the public sector, aimed at curbing inflation and stabilizing the British economy. The measure was controversial at the time, but it is credited with helping to reduce inflation and improve the UK's balance of payments.
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