Economic developments Flashcards
What major economic events shaped Britain’s attitude in 1951?
The Great Depression
World War 2
Post-war reconstruction
Which decade is known as a period of economic growth in Britain?
1950s
What was a key aim of the post-war consensus regarding the economy?
Full employment
What was the economic policy that alternated between tax cuts and tax increases?
Stop-Go
Which event exposed Britain’s financial weakness in the 1950s and who was PM at the time?
The Suez Crisis
Anthony Eden
What was the main cause of inflation during this period?
Wage growth outpacing production
When did Britain first apply to the EEC?
1961
Why did Britain apply to join the EEC in 1963?
To match the economic growth of European countries
Which industry saw significant job growth in the 1950s?
Steel manufacturing
What did the Beeching Report recommend and why?
Reduction of the rail network as a way to control government spending
What 3 things were a sign of economic problems in the 1950s?
Declining share of world trade
Balance of payments issues
Inflationary pressures
What was the Suez Crisis and what were the consequences?
The Egyptian Government seized control of the Suez Canal from the British and French owned company that managed it. Britain and France invaded but ultimately had to withdraw because of intense pressure from the US.
- consequences for US + UK relations
What is Butskellism?
an economic plan named after Butler and Gaitskell that epitomises the post war consensus
eg. maintenance of full employment, development of welfare state
