Economic Stats 1974-79 Flashcards
How did Wilson initially change taxes
Rose top rate from 75-83%
Inflation by 1975
25%
Unemployment in 1975
Over 1 million
When was the IMF crisis
1976
What was the IMF crisis
Britain attempted to negotiate an IMF loan to shore up investor confidence
Denis Healey, Chancellor, began negotiating £3billion loan
Terms of loans- required cuts in public spending that angered left and unions
Exaggerated divisions between left and centre of Labour
Unemployment by 1978
1.6million
Industrial policy of Wilson
Established National Enterprise Board (NEB) in 1975
Expanded pubic ownership by having equity in British Leyland, Rolls Royce etc
Continued by Thatcher
What was the Social Contract
Term used to describe relations between Wilson and Unions- unions lessened strikes and limited demand for government support
Helped stabilise economy by limiting pay rises
By 1976- recession ended
Price controls on food and rent
Living standards by 1978
Same as that of 1973
Real term Pension change between 1974-79
20% increase
Employment change between 1974-1979
Fall of 2%
Inflation by 1979
17.2%
What was the peak day of the Winter of Discontent and what did it lead to
22nd Jan 1979
1.5 million workers on strike
When did Ford go on strike and how did it end
September 1979
Ended in 17% pay rise
When was the Lorry drivers strike and how did it end
January 1979
20% wage rise
