Following the war, the colony's economy stagnated. Britain's decision to devalue the British Honduras dollar in 1949 worsened economic conditions and led to the creation of the People's Committee, which demanded independence. The People's Committee's successor, the People's United Party (PUP), sought constitutional reforms that expanded voting rights to all adults. The first election under universal suffrage was held in 1954 and was decisively won by the PUP, beginning a three-decade period in which the PUP dominated the country's politics. Pro-independence activist George Cadle Price became PUP's leader in 1956 and the effective head of government in 1961, a post he would hold under various titles until 1984.