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The government he led put in place the post-war settlement, based upon the assumption that full employment would be maintained by Keynesian policies, and that a greatly enlarged system of social services would be created – aspirations that had been outlined in the wartime Beveridge Report.
Within this context, his government undertook the nationalisation of major industries and public utilities as well as the creation of the National Health Service.
After initial Conservative opposition to Keynesian fiscal policy, this settlement was broadly accepted by all parties until Margaret Thatcher became Prime Minister in 1979.

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