National Economic Development Council facts for kids
The National Economic Development Council (NEDC) was an important group in the United Kingdom. It started in 1962. Its main goal was to help the UK economy grow and become stronger. People often called it Neddy.
Contents
What Was the National Economic Development Council?
The NEDC was a special meeting place. It brought together three key groups:
- Leaders from businesses (management)
- Leaders from workers' unions (trades unions)
- Members of the government
This way of working together was called tripartism. The idea was that if these three groups talked and planned together, they could solve economic problems. They wanted to fix Britain's economy, which was struggling compared to other countries.
The NEDC had a support team called the National Economic Development Office (NEDO). There were also smaller groups called Economic Development Committees (EDCs). These EDCs focused on specific industries, like car making or steel production. They were known as “Little Neddies”.
How Did Neddy Start?
The idea for the NEDC was first talked about in July 1961. Selwyn Lloyd, who was the Chancellor of the Exchequer at the time, told the House of Commons about it. The first meeting of the NEDC happened in 1962.
The NEDC was inspired by a similar group in France. It became quite important in the 1970s. Leaders like Edward Heath, Harold Wilson, and James Callaghan were prime ministers during this time. The NEDC helped them plan for the future of UK businesses and industries.
Many different people led the NEDC. These leaders often came from business or had worked for the government. They tried to help everyone agree on the best way forward for the economy.
Why Did Neddy End?
Over time, the NEDC became less important. Margaret Thatcher, who became Prime Minister, did not trust the group as much. She changed how often they met, from every month to just four times a year. The Chancellor of the Exchequer, a very important government official, only went to one meeting a year.
Finally, the National Economic Development Council was officially closed down. This happened in June 1992, when John Major was the Prime Minister.
Similar Groups Today
Even after the NEDC closed, the idea of different groups working together on the economy continued. For example, when the United Kingdom was part of the European Union, it was also a member of the European Union's Economic and Social Committee. This committee is another international group that brings together different parts of society to discuss economic and social issues.
