1970-79 Flashcards
When was the Selsdon manifesto drawn up?
January 1970
What are market forces?
the natural laws of supply and demand
Who was Heath’s minister for Labour?
Robert Carr
What did the Industrial Relations Act 1971 do?
- restricted the right to strike
- established the National Industrial Relations Court
- unions had to put themselves on a register in order to maintain their legal rights
Who was John Davies?
a former director-general of the CBI who Heath appointed as head of the new department of trade and industry in an effort to move towards free-markets.
What were Baber’s original actions as Chancellor?
- income tax cuts
- reductions in govt spending
- scrapping the Prices and Incomes board
- cuts in subsidies paid to local authorities
What did the opposition criticise Heath for?
- abandoning the mixed economy
- weakening the welfare state
- undermining full employment
- putting economy before social development
How high was inflation by the end of 1971?
15%
How much money was paid to the Upper Clyde Shipbuilders?
£34 million
How many working days were lost in 1972?
23,909,000
When was the first NUM strike?
1972
How much of the wage increase did the NUM get?
21%
When did the NUM go on strike again?
1974 - they gained confidence from their wage increase
What were Heath’s main problems by 1974?
- rapid inflation
- union wage demands
- high unemployment
- the 3 day week
How many seats did Labour and Conservatives get in Feb 1974?
Cons - 297
Lab - 301
What and when was the Local Government Act?
1972/3 - reformed the structure of local govt and created many new regions
When did de Gaulle retire as French President?
1969
Which treaty led to Britain joining the EEC?
Treaty of Accession 1972
What were the advantages of joining the EEC?
- access to European markets
- benefits of the end of wartime disputes
- better chance of attracting global business
- entitled to EEC development grants
- had the right to work in other EEC countries
- greater freedom of movement
What were the disadvantages of joining the EEC?
- no longer able to buy cheap Commonwealth food
- pain high contributions
- CAP led to higher prices
- Common Fisheries Policy restricted rights to fishing
- had to impose VAT on many things
- joined protectionist organisation
How much did the cost of oil change between 1973 and 1980?
from $2 to $35 per barrel
What were the economic impacts of the OPEC oil embargo?
- BOP deficit rose to £1 billion
- inflation rose to 16%
- the value of the pound dropped to $1.57
- interest rates were raised to 15%
-a record budget deficit occurred - unemployment more than doubled to 1.44 million between 1974 and 1976.
What were the 3 restrictions on Labour in 1974?
- narrow majority
- struggle with unions
- rapid inflation