Economic Developments: Debt, Devaluation, EEC Flashcards
How much did Wilson get from IMF loans in 1964?
£1 billion
Who did Wilson blame for requesting more money from the IMF?
He blamed the NUS strike
Wilson’s 1967 fears about his government control?
He felt they were losing control over its own finances
What was the affect of the 1967 IMF loan?
It was only a stop-gap
What is a stop-gap?
A temporary solution to a problem
What did Wilson tell the public about Devaluation?
That the pound in their pocket was not worth any less
How did Wilson’s devaluation speech affect his public reputation?
He lied to the public as Devaluation did mean their money was worth less
How much was Britain in debt by 1967?
£1.5 billion
What other economic policies was Devaluation accompanied with?
Deflationary measures
What was Britain’s BoP deficit in 1964?
£744 million
What was Britain’s BoP deficit in 1965?
£252 million
What happened with the BoP Deficit from 1966-67?
By 1967 it had increased 10 fold
What do Britain’s BoP stats from 1964-67 suggest about Britain?
They could not sustain a positive Balance of Payments
What were Labour’s views on joining the EEC?
They were uncertain
Result of the 1967 EEC application
It was denied by De Gaulle
