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.
History of the United Kingdom
After the relative prosperity of the 1950s and 1960s, the UK experienced extreme industrial strife and stagflation through the 1970s following a global economic downturn; Labour had returned to government in 1964 under Harold Wilson to end 13 years of Conservative rule. The Conservatives were restored to government in 1970 under Edward Heath, who failed to halt the country's economic decline and was ousted in 1974 as Labour returned to power under Harold Wilson. The economic crisis deepened following Wilson's return and things fared little better under his successor James Callaghan.