Britain Labour 1974-1979 Flashcards
What was inflation at 1974?
15%
What was the payment deficit at by 1974?
3 billion pounds
When did Labour call a new election to consolidate power?
October 1974
How many seats did Labour gain in October 1974?
18
How many seats did the Conservatives lose in October 1974?
21
What was Labour’s overall majority in October 1974?
3
What had Wilson negotiated with the TUC just before his premiership?
The Social Contract
What was the Social Contract?
Voluntary Pay restraint in exchange for repealing Heath’s industrial act and pay board
Who was put in charge of the Department of Industry?
Tony Benn
Who was put in charge of the Department of Employment?
Michael Foot
Who was made Chancellor?
Denis Healey
What did the April 1975 budget entail?
Steep rises in taxation and public spending being cut
What did Tony Benn set up to administer the government’s share holdings in private companies in 1974?
The National Enterprise Board(NEB)
Who resigned suddenly in March 1976?
Harold Wilson
Who succeeded Harold Wilson?
James Callaghan
What did James Callaghan call unemployment and inflation in September 1976?
The twin evils
Who did Britain go for for a loan in 1976?
The IMF
How much was the loan that Denis Healey received in December 1976?
3 billion pounds
How many oilfields were in production by 1978?
Nine
How much did inflation fall to by 1978?
10%
What was unemployment at by 1978?
1.6 million
By 1977, what had Labour lost in the houses of Parliament?
The majority
How did Labour regain the majority in 1977?
The Lib-Lab Pact