Economic Developments: Attempts to solve Economic Issues 1974-76 Flashcards
What does NEB stand for?
National Enterprise Board
What was the aim of the NEB?
Modernise Lame Duck Industries
When was NEB created? Who administered it?
Created January 1975. Administered by Tony Benn
Why did Tony Benn create the NEB?
To gain a larger hold on private companies
How did Benn want to use the NEB?
To force private companies in to government planning agreements
What are 3 companies that the NEB nationalised? When was Oil nationalised?
British Aerospace
British Leyland
British National Oil Corporation, 1976
What happened to the British National Oil Corporation after being nationalised?
It received some growth
Why did the British National Oil Corporation receive some growth?
They found oil in the north Sea
What was the impact of the British National Oil Corporation by the end of the decade?
It made the exports and imports of oil in Britain fully balanced
What did the Government think about the NEB?
Critical of it as money needed to be spent at a time of rapid inflation
What was a limitation of the NEB?
There was still rapid industrial decline in Britain
Why we’re industries still not growing in terms of investment?
Little long term investment due to preference of short term financial gain
How did cities approach the idea of expanding their manufacturing industries?
They were more focused on keeping National rather than going international
What was the quality of Industrial policies so far in the 1970’s? What did this result in?
Inconsistent policies. Also angered Trade Unions
