Economic Developments: Inflation, Trade Union Relations, Healeys Budget Flashcards
How much did inflation rise to in December 1974?
19%
When did inflation peak? How high?
Peaked at 27% in August 1975
What was significant about UK inflation compared to other countries?
In other countries inflation was around 10% so UKs was wayyy higher
What did Labour do that helped inflation grow?
Paid off unions to prevent them going on strike
What is an example of Labour paying off Unions from 1974-75?
Gave miners a 35% pay rise in 1974 and an additional one in 1975
How muchdid the price of meat and eggs go up from 1973 to 1974?
Meat prices up by 22%
Egg prices up by nearly 30%
What was a positive about Trade union relations from 1974-6?
Some Unions accepted the social contract
What was a negative of Trade Union relations?
Most unions rejected the social contract, keeping the same wage demands
Who attempted to solve the Trade Union Relations?
Michael Foot
What did Michael Foot do to try and improve trade union relations? (2 ways)
Introduced a Health and Safety Bill
Abolished industrial relations court
What else did Michael Foot try to implement?
Extend picket rights so that they could stop vehicles on the road legally
Who opposed the picket extension? Why?
Roy Jenkins, because it would be giving unions the power of the police
Who was the Chancellor of the Exchequer in 1975?
Healey
What did Healey do in his 1975 budget?
Increased tax on the wealthiest people from 75% to 83%
Cut public spending
Why did Healey do what he did in his 1975 budget?
He said it would reduce inflation
What did unemployment rise to in 1974?
600,000
What was unemployment at in 1976?
1.44 million
Where did most people become unemployed?
Areas of traditional manufacturing and mining
Which locations were traditional industries declining?
Northern England, Midlands
In what ways did affluence grow from 1974-76?
Central heating spread and the first large shopping centres opened
What are 2 shopping centres that opened?
Brent Cross in North London
Arndale Centre in Manchester
What was a problem which Labour tried to fix with industries in 1964-70 with industries still present?
Modernisation
What bills did Labour introduce to improve Trade Union relations?
Employment Protection Bill
Health and Safety Bill
Sex Discrimination Bill
What does the location of where most were unemployed in this era show about inequality in Britian?
Northern Areas had still not experienced the affluence in the south
How much did Harold Wilson give a pay rise of to the Miners in 1974?
35%
What was the total money equivalent to the 1974 miners pay rise?
£110 million
