Chapter 2- economic developments Flashcards
what came to an end in 1954
food rationing
how many people were there in Britain in 1961 and how did this compare to 1951
51 million
up 2% (5 million) from 1951
what was the unemployment level like in 1955
estimated full employment had been reached
200,000 unemployed- less than 1% of workforce
how many were employed in service industries by 1960
nearly 5 million
what did Butler’s ;give away budget’ do
provided middle class with £134 million in tax cuts
how many more goods could Britain import by 1959 from 1951
29% more
by how much did wages increase on average in 1960
7%
how much did wages increase by on average from 19-48-58
6.5%
what was Britain’s average income state by 1960
second highest income per person in the world after USA
how ddi Britain’s share in world trade change from 1950-1962
went from 25% to 15%
what was the problem with British economics in the 50’s
used stop-go policies
what was Britains balance of trade from 1951-55 compared to 1956-60
1951-55- -19
1956-60- +132
what did the Suez crisis result in economically
a run on the pound
how did the economy add to conservative divisions in 1958
Peter Thorneycroft (chancellor of exchequer) proposed drastic spending cuts- and when this was rejected he resigned with his junior ministers such as enoch Powell and Nigel birch
what happened to the pound in 1959
regained its value
what did the April 1959 budget include
tax cuts of £370 million
what did the government have to do in 1961 to hold down inflation
introduced ‘pay pause’
apply for IMF loan
what became apparent about Britains economic growth in the 60’s
was not keeping up with European nations such as west Germany as trade with empire and commonwealth wasn’t sufficient
when was the national economic development council set up and what was it known as
NEDDY- 1963
what was NEDDY responsible for
long-term economic planning
who were involved in NEDDY
government representatives, academics, employers, trade unionists
when was the national incomes commission set up and what was it known as
NICKY-1962
what dd NICKY do
kept an eye on wages and prices
what caused outrage in autumn 1963 and why
Beeching report- reviewed cutting public spending and recommended closing 30% of Britains railway network
how ddi Britains growth rate change from 1963 to 1964
went from 4% to 6%
how did the amount of exports rise from 1961-64 and how did this compare to imports
exports rose 10%
imports remained 20% higher
how did British production increase from 1952-57
up 27%
