1973. Inflation has a significant impact on peoples lives, with the UK inflation rate running at 9.2% and the US running at 6.2% . This pushes-up prices which in turn leads to higher wage demands. There is a widespread fuel crisis as Arab members of OPEC restrict the flow of oil to countries supporting Israel as part of the Yom Kippur War. Coal strikes in the UK cause widespread power cuts and force the introduction of a 3-day week, limiting factories to 3-days of production each week.
Britain finally joins the E.E.C. IRA bombs explode in King’s Cross and Euston train stations in London. Skylab, the United States’ first space station, is launched, and Concorde cuts flying times across the Atlantic in half, travelling at average speed of 954 mph. This also happened to be the year a certain Rover ceased production.
British Prime Minister: Edward Heath
UK Annual Inflation Rate (RPI): 9.2%
UK Average House Price (UK average): £9,767 / £129,901 adjusted for inflation (2020)
UK Litre of Petrol: 8.5 New Pence / £1.13 adjusted for inflation (2020)