Economic Developments: Oil Crisis of 1973, Royal Family Developments Flashcards
What was the significance of who Princess Anne married?
He was not aristocratic
What did Princess Anne’s marriage show about even the highest members of society?
Class lines were very blurred
How did the rest of the Royal Family feel about the marriage?
They were happy for it, with no divisions
When did the war causing the 1973 Oil Crisis Start? What war was it?
Arab-Israeli War, October 1973
What did Arab oil companies do to Western Nations supporting Israel?
They cut oil supplies by 25% and quadrupled oil prices
How much money was made from oil in the final 2 months of 1973?
£40 billion
How much did the price of a barrel of oil go up from 1973-1980?
1650%
What was the impact on the public of the oil crisis?
They could not experience affluence as much, having to eat less, use cars less
What was the international impact of the oil crisis of 1973?
It showed a shift in world powers from the West to the more Eastern nations
What did Arabs do in London who reaped the benefits of the oil crisis?
They bought up the very high end hotels and houses
What was the impact of the Arabs buying lots of British property?
Property value increased massively and even drove the middle class out
How much more expensive were meat and eggs in mid 1974 compared to 1973?
Meat was 22% more expensive
Eggs were almost 30% more expensive
How much did the BoP deficit go up to due to the Oil Crisis?
£1 billion
How can the oil crisis be seen as a limitation of Heath’s government?
It was the start of indicating how poorly he would go on to manage Britain
What was oil used for in Britain?
To make plastics, for transport, for energy
How did the oil crisis impact food families had?
They had to eat much less
What happened to tax revenue due to the oil crisis?
It fell by 7%
How many people unemployed in 1974 and 1976?
600,000 unemployed In 1974
1.44 million unemployed in 1976
How much did interest rates go up du to the oil crisis?
15%
How much did Production in Britain go down due to the oil crisis?
5%
What is significant about how much British production decreased?
It emphasised stagflation as this was not a heavy decrease in production
How much had the price of eggs and meat gone up from 1970 to the end of 1974?
Prices had roughly doubled
