Gaitskellism
Wilson went on to become Prime Minister in the 1964 election, holding the position from 1964 to 1970 and from 1974 to 1976. Despite being a former Bevanite, Wilson largely followed Gaitskellite economic policies, and the former Gaitskellite Callaghan followed Wilson as Prime Minister from 1976 to 1979 and Party Leader from 1976 to 1980.
Harold Wilson
Wilson's first period as Prime Minister coincided with a period of low unemployment and relative economic prosperity, though hindered by significant problems with Britain's external balance of payments. In 1969 he sent British troops to Northern Ireland. After losing the 1970 election to Edward Heath, he spent four years as Leader of the Opposition before the February 1974 election resulted in a hung parliament. After Heath's talks with the Liberals broke down, Wilson returned to power as leader of a minority government until another general election in October, resulting in a narrow Labour victory. A period of economic crisis had begun to hit most Western countries, and in 1976 Wilson suddenly announced his resignation as Prime Minister.