What is the United Kingdom had become a siege economy in the 1970's?
Due to the economic meltdown caused by OPEC 1973 and the continuing decline of the British economy many political figures, especially in the British Labour Party, suggested the UK become a 'siege economy'. OTL we instead got monetarism and neo-liberalism.
'Siege economy' I define as:
1. Highly protectionist; massive tariffs, export subsidies and import quotas.
2. Exchange and capital controls; to prevent domestic investors taking their money off-shore to invest in lower-wage nations, etc.
3. Increased govt direction of industry, govt encourages investment in certain industries over others
4. Massive govt spending, expansion of the public sector to reduce unemployment.
5. In rare case use of rationing of some items to improve trade balance (OTL in 1947 the British govt introduced electricity rationing, to allow increased coal exports, to provide foreign currency to pay off war debts).
'Siege economy' could also be characterised as a 'war economy', as it essentially puts the economy on a war footing, except without military build-up.
What POD would be required for this to occur? I suggest perhaps a larger majority for Labour in 1974 (more confident to pursue radical policies), a left-wing takeover of the party afterwards (like early 1980's OTL). Definitely before late 1976 and the IMF bailout.