Chapter 2- economic developments

Question 1

what came to an end in 1954

Answer 1

food rationing

Question 2

how many people were there in Britain in 1961 and how did this compare to 1951

Answer 2

51 million

up 2% (5 million) from 1951

Question 3

what was the unemployment level like in 1955

Answer 3

estimated full employment had been reached

200,000 unemployed- less than 1% of workforce

Question 4

how many were employed in service industries by 1960

Answer 4

nearly 5 million

Question 5

what did Butler’s ;give away budget’ do

Answer 5

provided middle class with £134 million in tax cuts

Question 6

how many more goods could Britain import by 1959 from 1951

Answer 6

29% more

Question 7

by how much did wages increase on average in 1960

Answer 7

7%

Question 8

how much did wages increase by on average from 19-48-58

Answer 8

6.5%

Question 9

what was Britain’s average income state by 1960

Answer 9

second highest income per person in the world after USA

Question 10

how ddi Britain’s share in world trade change from 1950-1962

Answer 10

went from 25% to 15%

Question 11

what was the problem with British economics in the 50’s

Answer 11

used stop-go policies

Question 12

what was Britains balance of trade from 1951-55 compared to 1956-60

Answer 12

1951-55- -19

1956-60- +132

Question 13

what did the Suez crisis result in economically

Answer 13

a run on the pound

Question 14

how did the economy add to conservative divisions in 1958

Answer 14

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

Question 15

what happened to the pound in 1959

Answer 15

regained its value

Question 16

what did the April 1959 budget include

Answer 16

tax cuts of £370 million

Question 17

what did the government have to do in 1961 to hold down inflation

Answer 17

introduced ‘pay pause’

apply for IMF loan

Question 18

what became apparent about Britains economic growth in the 60’s

Answer 18

was not keeping up with European nations such as west Germany as trade with empire and commonwealth wasn’t sufficient

Question 19

when was the national economic development council set up and what was it known as

Answer 19

NEDDY- 1963

Question 20

what was NEDDY responsible for

Answer 20

long-term economic planning

Question 21

who were involved in NEDDY

Answer 21

government representatives, academics, employers, trade unionists

Question 22

when was the national incomes commission set up and what was it known as

Answer 22

NICKY-1962

Question 23

what dd NICKY do

Answer 23

kept an eye on wages and prices

Question 24

what caused outrage in autumn 1963 and why

Answer 24

Beeching report- reviewed cutting public spending and recommended closing 30% of Britains railway network

Question 25

how ddi Britains growth rate change from 1963 to 1964

Answer 25

went from 4% to 6%

Question 26

how did the amount of exports rise from 1961-64 and how did this compare to imports

Answer 26

exports rose 10%

imports remained 20% higher

Question 27

how did British production increase from 1952-57

Answer 27

up 27%