Economic Developments: Brown as Chancellor of the Exchequer Flashcards
What did Brown promise to do for the first 2 years Labour were in power?
Follow Conservative spending policies
Name one privatisation Labour did and the year it occurred
Digital channels were privatised in 2000
How much money did the privatisation of digital channels generate?
£22 billion
What year did Brown implement fuel tax?
2000
What happened to fuel prices in September 2000?
They rose heavily
What did lorry drivers do as a response to rising fuel prices?
They blocked off oil refineries
How much money was generated from an anti-monopoly tax Brown implemented?
£5 billion
What was all of the money generated from the anti-monopoly tax dedicated to funding?
Schemes for youth employment
What was a positive long-term impact of the investments in youth employment from the anti-monopoly tax?
By 2005, over 500,000 youths were now in jobs
What act was passed for the benefit of working families in 1999?
Working Families Credit Act
What was a limitation of the Working Families Credit Act by 2001?
500,000 eligible people had not signed up to it
When did Labour implement a universal minimum wage?
1999
What did Labour set minimum wage to for 18-21 year olds in 1999?
£3 an hour
How many workers experienced a pay rise from the introduction of universal minimum wage?
2 million
When did Labour ban fees for going into museums and art galleries?
2001
How many more people went into museums by 2006 after abolishing admission fees?
30 million extra people
When were University tuition fees implemented? (To the month)
September 1998
What happened to Lone Parent Premium in 1997?
Brown abolished it
When did Brown re-introduce Lone Parent Premium?
1999
Why did Brown follow Conservative spending policies for the first 2 years in relation to the public?
To make the public trust Labour
What image was Brown trying to get rid of for Labour by following Conservative spending policies?
Tax and Spend image
What month did Brown announce his 2000 budget?
March
How much extra money was given to the NHS in his March 2000 budget?
£2 billion
How much extra money was given to the education system in Brown’s March 2000 budget?
£1 billion
How many children were taken out of poverty with Brown’s 2000 budget?
2 million
How many pensioners taken out of poverty in Browns 2000 budget?
3 million
What did tax credits do?
Subtly redistribute wealth to poorer people
When did Brown pay off the BoP Deficit?
1998
What was the purpose of the Financial Services Authority?
To control financial institutions closer
