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)
