economic specific facts 1951-1964 Flashcards
what industries were denationalized in 1952?
-iron
-steel
-road haulage
what was the NHS declared to be in 1956?
most efficient and cost effective
what did Macmillan say in July 1957?
‘Britain had never had it so good’
what was the growth in wages from 1951-1964?
4%
what was the weekly wage increase in the years 1951-1964?
£8-£18.35
by 1959-what % of British households owned a luxury item?
50%
what % had living standards risen to by 1962?
30%
how many houses did the government build per year?
300,000
what was the 1957 rent act?
put 6 million houses on the market but rent increased considerably- creating the ‘property owning democracy’
what were the tax cuts in 1959?
£370 million
what was Britain’s GDP growth rate compared to Italy
Britain-2.3%
Italy-5.6%
how much of the GDP was spent on defence in 1964?
10%
what was the accepted economic theory of the time?
Keynsian
what was Britain’s unemployment in 1951?
367,000
what was Britain’s unemployment in 1964?
501,000
