Britain's Economy Flashcards
When was the high point of Britain’s economic power
had passed prior to war’s beginning
some argue decline of economy would have occurred regardless of war
What did Britain see a decline in exports of
traditional industries
e.g cotton
What % of its naval fleet did Britain lose in U-Boat attacks?
40%
Post-war what happened to the price of imported materials
was falling
What did the lower cost of imports mean for Britain’s trade deficit
Britain could export less and still not be in trade deficit
What type of trade was prohibited during war
trading with enemy
what happened to merchant ships previously for trade during war
requisitioned for armed forces movement
What did the Treasury Agreement mean for trade unions?
in return for accepting dilution, they received promises that;
- traditional practices restored post-war
- profits in munitions restricted
- shared in direction of industry via being on committees
What was different between Britain and other nations in the way that the war was paid for
used taxation more than any other country
what % of war was paid for via taxation
1/4
What % of war was paid for via taxation in Germany
only 16%
By end of war what did Britain owe the USA
$5billion
What happened between the $ and the £
$ overtakes £ as safest currency
How did Britain lose out in terms of the economy and Russia
Britain had leant money to Russia, who stopped paying loans back from 1917
When workers went on strike for better conditions and wages post-war, how did DLG respond?
via repressive measures (unlike during war)
What repressive measures post-war did DLG use to respond to strikes
troops sometimes used to break up strikes
When was taxation post-war reduced? did it reach pre-war levels of 6%
in 1926 reduced to 20%
never reached pre-war levels
What did DLG promise in terms of land in the 1918 election
“Land fit for heroes”
What did DLG do in 1919 that provided government subsidies for councils to meet housing demands
Housing and Town Planning Act
also known as - “Addison Act”
What did the Addison Act provide for
government subsidies for councils to meet demand for housing
What committee did DLG create which looked at the prices for the working class
Working Class Cost of Living Committee
When was the Working Class Cost of Living Committee set up
1918
What did the Working Class Cost of Living Committee find
working class could buy food of same nutritional value as 1914
some were better fed than pre-war
increased consumption of milk and eggs
Other name for the Working Class Cost of Living Committee
Sumner Committee
