50 Years Ago – 2 March 1971

2 March 1971

The Vehicle & General Insurance company unexpectedly went bust, with over 800,000 car insurance policies becoming invalid. The failure of the business later led to the introduction of the Insurance Companies Act in 1974.

Rolls Royce, which had fallen into financial difficulties and was being bailed out by the Government, faced a claim for liquidation from a major creditor unless a sum of £500,000 was paid.

Hungary (led at the time by János Kádár, in main image above) was the first Iron Curtain country to try and secure a loan from the West, with representatives from banks visiting the National Bank of Hungary.

It was reported by the media that a worker who had started work early at a factory in Wednesfield to avoid pickets would be dismissed from the union and loss his job. Don Groves, a spokesperson for the Association of Scientific, Technical and Managerial Staffs trade union, said that the worker should be expelled from the union for wanting to work. Although members of the trade union weren’t on strike, Groves said that the individual should not have gone to work as the union had told them not to as part of their opposition to the Industrial Relations Bill.