90s - Fall of Thatcher and Rise of Major Flashcards
When was the stock market crash under Thatcher, and what was this caused by?
1987 as a ramification of the 1986 deregulation Big Bang
What was Lawson’s response to the 1987 crash?
His 1988 budget led to rapid economic expansion in the ‘Lawson Boom’, but this resulted in a BOP issue.
What was inflation in 1990?
10.9%, higher than when Thatcher took office.
Which safe Conservative seat was lost in a by-election in October 1990?
Eastbourne to the Liberals.
What was Thatchers economic shift in 1989 that contributed to FOT?
Introduced of the poll tax, and after the March 1990 riot her popularity in opinion polls fell sharply.
What was the minister resignation that contributed to Thatcher’s demise in 1990?
Geoffrey Howe
What did Howe’s resignation act as a catalyst for?
Heseltine to announce a leadership challenge, and after failing to win on the first ballot she resigned as PM.
What were the numbers for the first ballot in Heseltine’s leadership challenge?
Thatcher 204, Heseltine 152 - not a sufficient enough majority to be successful.
What was Major seen as by the Conservative Party, and what was his actual real aim?
Seen as a true-blooded Thatcherite, but was actually more concerned with party unity.
Why did the Conservatives jump forward in the 1991 opinion polls?
‘honeymoon effect’ of a new government, but also Thatchers unpopularity had set the opinion polls low regardless.
Why would uniting the Party under Major be difficult?
There was ongoing hostility towards Heseltine and a fierce determination amongst some to take revenge against those who ‘betrayed Maggie’.
When did Major abolish the poll tax?
November 1991, he didn’t do this immediately as he risked splitting the Party.
Where did the opinion polls place Cons, Lab & Lib in the run up to the 1992 Election?
Cons 29%, Lab 41%, Lib 15%
What tactic of Majors was credited in the 1992 election?
Soapbox politics, making impromptu speeches on a soapbox in Luton.
What were the Cons seen as a safe pair of hands for?
The best party to get the country out of the economic recession.
What was the increase in unemployment from 1991-1992?
1.6M - 2.6M.
How were homeowners trapped in ‘negative equity’?
They were having to repay mortgages greater than the current value of their homes. This affected traditional Tory voters.