THE SEVENTIES
24
The country began the decade with low unemployment of 3%
but that rose to 5% with one million workers unemployed. The
economy suffered with strike action by trade unions. In addition,
the effects of the 1973 oil crisis were felt and a three-day
working week was imposed. Within five years of joining the EEC,
and as a result of our industrial strife and rising unemployment,
we were to be dubbed the “sick man of Europe”. Thankfully, the
nation’s mood was lifted by the Queen’s Silver Jubilee in 1977.
At the same time Vibroplant went through its own turbulent
times. It had enjoyed unbroken profits growth for more than
10 years and by 1972-1973 its pre-tax profits had risen from
£608,000 to £1.16m. Geoffrey felt the time was right to take
full advantage of the company’s success and exploit it to its full
potential. He decided to float Vibroplant on the stock market.
The process of selling a percentage of the business in the form
of shares for trading had advantages and disadvantages.
(above)
Industrial application
with dryer packages
BRITAIN EXPERIENCED TURBULENT TIMES IN THE '70s AND IN 10 YEARS
HAD THREE DIFFERENT PRIME MINISTERS (CONSERVATIVE’S EDWARD HEATH,
LABOUR’S JIM CALLAGHAN AND, IN THE LAST YEAR, ITS FIRST WOMAN
PRIME MINISTER, CONSERVATIVE MARGARET THATCHER).
