Britain Tories 1970-1974 Flashcards
1What are lame-duck industries?
One that is unable to compete and survive without support from the State
What did Heath aim to do to lame duck industries?
End subsidy
What was school leaving age raised to?
16
What changed about the currency in 1971?
Decimalisation
Who was Edward Heath’s Chancellor?
Anthony Barber
What classic Conservative budget did Anthony Barber introduce?
Tax cuts
What accompanied the ‘Barber Boom’ at the start of the 1970s?
A rapid rise in inflation
What accompanied the inflation at the start of the 1970s?
Unemployment
What is the combination of inflation and stagnant economic growth called?
Stagflation
What prestigious engineering firm was nationalised in 1971?
Rolls Royce
What was the consequence of Heath’s U-turn
Unemployment fell back to 500,000 by 1973
What war began in the Middle East under Heath?
The Yom Kippur War
When was the Yom Kippur War?
October 1973
What did OPEC introduce due to the Yom Kippur War?
An oil embargo
When was the Industrial Relations Act?
1971
What did the Industrial Relations Act set up?
Industrial Relations Court