Economc Stats 1951-64 Flashcards
When was iron and steel denationalised
1952
When was the NHS declared most efficient and cost effective
1956
What were stop-go policies
The term used to describe the lack of long term economic plan- continued changing of interest rates to manage economy
Annual growth in wages between 1951-64
4%
Wages in 1951 compared to 1964
1951- £8 and 6
1964- £18 and 7
Difference in car sales between 1950-1965
1.5 million to 5.5million
How had TV ownership changed between 1950-1961
Gone from 10% to 75%
How did living standards change by 1962
Risen 30%
House building target between 1951-54 and success of this
Target of 300,000 homes a year
Beat and even exceeded
How many homes built total between 1951-64
1.7 million
What was the rent act and what did it do
1957
Abolished rent controls
Put 6 million houses on market
Resulted in long term increase in rent prices
Tax changes in 1959 and what was this an example of
£370 million of tax cuts- equivalent to 4p on basic rate
Budget politics
Real wages change between 1950-1965
40% increase
GDP growth rate compared to Italy and Germany 1951-1964
2.3%
Italy 5.6%
Germany roughly 8%
What led to slow British economic growth
High Defense spending- 10% of GDP and 1.7billion (1964)
When was the Beeching report and what did it do
1963
Closed 2,400 out of 7,000 stations in attempt to reduce losses
One senior worker claimed “it failed to halt losses or increase profitability”
Economic issues in Conservative Party
Short term initiative hindered long term growth
1958- entire Treasury team resigned after refusing to implement spending cuts
Balance of payments defecit by 1964
800 million quid
What were the policies of “Butskellism”
Named after economic consensus of Chancellor Butler and shadow Chancellor Gaitskell
Maintaining full employment
Expanding Welfare State
High defence costs
Developing nuclear weapons
Mixed economy
Differences in Gaitskillism
Butler preferred tinkering with interest rates while Gaitskill promoted a “tax and spend” economy
Key points for essay
House building
Working class benefits
Effective planning
Increased affluence
(Comparison with European neighbours)
