Economic Developments: Privatisation, Globalisation, Employment, Tax Credits, National Minimum Wage Flashcards
What did Labour not do to the 1980s and 1990s Privatisation?
Reverse it
When were digital channels privatised?
2000
How much did the privatisation of digital channels make the Labour government?
£22 billion
Which industry was partly privatised in 2002?
The National Grid
How much did the partial privatisation of digital channels make the Labour government?
£2 billion
What form of economy did Labour want to have with globalisation?
Knowledge economy
What was the idea of a knowledge economy?
Continuously creating more efficient systems for Britain
What did post-war governments try to keep below 2% under the post-war consensus?
Unemployment
How did the New Labour government treat unemployment?
They continued to try and keep it low
How many 16-24 year olds were NEETs in 2005?
1 million
How many 16-30 year olds were unemployed in 2005?
5 million
When was National Minimum Wage introduced?
1998
How many people experienced a pay rise when National Minimum Wage was introduced?
2 million people
How much was National Minimum Wage at in 1998 for 22+ year olds?
£3.60 an hour
Why was National Minimum Wage increased every year?
So people could support their lives better
What was National Minimum Wage at in 2007?
£5.50 an hour
When was the Working Families Credit Act introduced?
1999
What did the Working Families Credit Act do?
Gave people more money on their paycheck
What was a limitation with the Working Families Tax Credit by 2001?
By 2001, over 500,000 eligible people had not applied for it
