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History - Britain > Economy > Flashcards

Economy Flashcards

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1
Q

What were the key features of economy?

A

Mixed economy

Full employment

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2
Q

What is keynesian economics?

A

Government interference to keep demand high - stop another depression

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3
Q

When was the postwar boom/age of affluence?

A

1951-1964

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4
Q

When did food rationing end?

A

July 1954

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5
Q

In 1955 how many people were unemployed?

A

less than 1%

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6
Q

What sectors expanded between 1951-64?

A

Electrical and engineering

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7
Q

What was the 1955 giveaway budget?

A

Tax cuts of £134 million to the middle class

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8
Q

What was the april 1959 giveaway budget?

A

Tax cuts of £370 million to the middle class

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9
Q

In 1960 how many people were employed in the service industry?

A

5 million

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10
Q

What was the growth rate of the economy between 1963-1964?

A

4% to 6%

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11
Q

What caused run on the pound?

A

Suez crisis

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12
Q

What caused divisions in the cabinet between 1957-58?

A

Stop-go cycle

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13
Q

When did the pay pause come into effect and what did it cause?

A

1961 - caused application for an IMF loan

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14
Q

When did Britain apply to the EEC the first time?

A

1961

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15
Q

When was the National Economic development council set up and what was it’s job?

A

1961 - For long term economic planning

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16
Q

When was Britain rejected from the EEC?

A

1963

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17
Q

What was the Beeching report and when was it?

A

1963 - suggested railway cuts across the country

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18
Q

When were the labour government sterling crisises?

A

1965 and 1966

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19
Q

Who was the Chancellor of the exchequer for labour 1964-70?

A

Roy Jenkins

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20
Q

Why was Roy Jenkins a good chancellor of the exchequer?

A
  • Raised taxes
  • Tightened government spending
  • Deflationary tactics
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21
Q

When did the labour government 1964-1970 achieve a balance of payments?

A

1969

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22
Q

What countries was Britain lagging behind in 1964?

A

Germany and Japan

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23
Q

What was the deficit the labour government inherited in 1964?

A

800 million

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24
Q

Why did the DEA fail in 1967?

A

There were conflicts with the treasury so could no longer carry out economic planning

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25
Q

Why were there strikes and a sterling crisis in 1966?

A

Due to prices and incomes policies

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26
Q

What affected the balance of payments 1967?

A

War in the Middle east

Dock strikes

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27
Q

How much was the pound devalued in 1967?

A

14%

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28
Q

When was the second EEC application rejected?

A

1967

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29
Q

What was the inflation rate 1969-1970?

A

12%

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30
Q

What cycle were the governments trapped in?

A

Stop-go

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31
Q

What did the government investments do 1973?

A

Modernised the industry

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32
Q

What was the unemployment rate 1970-74?

A

500,000

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33
Q

Who/what caused stagflation?

A

Anthony barber as he cut taxes

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34
Q

What is stagflation?

A

High inflation with high unemployment

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35
Q

What did the conservative government u-turn on in 1971?

A
  • Said they wouldn’t give subsidies to lame-duck industries

- Nationalised Rolls Royce

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36
Q

What caused the 1973 stop of exports and rocketing oil prices?

A

Yom Kippur war and OPEC oil embargo

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37
Q

Why could the 1976 IMF loan be viewed as good?

A

Handled it well repaying it by may 1979

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38
Q

How many oil fields came into production by 1979?

A

9

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39
Q

What was inflation at during labour government’s time in power 1974-79?

A

10%

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40
Q

When did unemployment begin to fall again between 1974-79?

A

1978

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41
Q

In 1978 working days lost fell to what?

A

A ten year low

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42
Q

What did Healy’s budget of April 1975 do?

A

Created steep taxation and a decrease in public spending

43
Q

What got called to question effectiveness in 1975?

A

National enterprise board

44
Q

What was the National Enterprise Board?

A

Administer governments share in private enterprise and give financial aid

45
Q

When was British Leyland nationalised?

A

1975

46
Q

What did the social contract fail to do in 1975?

A

Limit wage demands

47
Q

What did the failed social contract cause?

A
  • More formal pay restraint

- Divisions within the labour party

48
Q

What did the poor balance of payments cause in 1976?

A
  • Pressure on sterling
    • Concerns UK didn’t have enough currency reserves
49
Q

When did the Uk receive and IMF loan?

A

December 1976

50
Q

How much was the IMF loan?

A

3 billion

51
Q

What did the government have to do in return for the IMF loan?

A

Make big spending cuts

52
Q

What was unemployment at in 1978?

A

1.6 million

53
Q

What were Thatcher’s main economic aims?

A
  • Monetarism
  • Deregulation
54
Q

What happened in 1980 with the economy due to the effects of monetarism?

A
  • plunged into recession
  • inflation was above 15%
  • unemployment above 2 million
55
Q

How was the run of the pound avoided in 1980?

A

The flow of North sea oil and gas

56
Q

How much did manufacturing fall in 2 years of Thatchers premiership?

A

15%

57
Q

How much did the production in the west midlands fall by during Thatchers premiership?

A

25%

58
Q

What was unemployment 1983-1985?

A

Above 3 million

59
Q

What was the youth employment scheme?

A

Businesses were given a subsidy for taking on young people

60
Q

How was taxation changed under Thatcher?

A
  • From direct to indirect taxation through VAT
  • The idea that people can spend their money better than the government can
61
Q

How much did the top income tax fall by in 1988?

A

83% to 40%

62
Q

What did VAT raise to in 1979?

A

15%

63
Q

What did rate capping limit under Thatcher?

A

The amount local councils could tax people

64
Q

What did privatisation signify?

A

The end of the post war consensus

65
Q

When was BP privatised?

A

1979

66
Q

When was British aerospace privatised?

A

1980

67
Q

When was British telecome privatised?

A

1984

68
Q

When was British gas privatised?

A

1986

69
Q

Why was life more insecure for people under Thatcher when it came to their jobs?

A

Private companies cut back on staff so many people were losing their job

70
Q

What was the loan guarantee scheme?

A

Easier for businesses to borrow money

71
Q

What was the enterprise allowance scheme?

A

The unemployed were given £40 a week for up to a year to help them set up their own business

72
Q

What happened in october 1986?

A

The Big Bang

73
Q

What was the Big Bang?

A

It deregulated the London stock exchange

74
Q

What was the yuppie class?

A

People living in urban areas with high amounts of disposable income

75
Q

How much did GDP grow in the 1980s?

A

2.2%

76
Q

Why did the economy grow so little in the 1980s?

A

Although the economy had started to increase by the second half of the decade, the damage was extensive from the first half

77
Q

What was unemployment levels like in Liverpool under Thatcher?

A

25%

78
Q

When did the stock market crash?

A

1987

79
Q

Why did the stock market crash in 1987?

A

Due to deregulation

80
Q

What was the lawson boom?

A

Rapid expansion of the economy

81
Q

What did the lawson boom cause?

A

A balance of payments issue

82
Q

What was inflation like in 1990?

A

10.9%

83
Q

What was the benefits of leaving the ERM?

A

Didn’t have to keep inflation low anymore

84
Q

What was unemployment like under John Major?

A

It stayed low

85
Q

What happened to the housing market like under john major?

A

It began to pick up

86
Q

Why did world trade expand under John Major?

A

America were also coming out of a recession

87
Q

What were the economic positives in 1997?

A
  • unemployment down
  • productivity was up
  • consumer spending was up
  • car ownership was up
  • house prices were up
88
Q

What were the economic negatives at the end of 1990?

A
  • declining manufacturing production
  • rise in unemployment
  • slump in house prices
89
Q

How much did unemployment rise 1991/1992?

A

1.6 million to 2.6 million

90
Q

What was the issues in housing in 1991/1992?

A

Mortgage value was higher than house prices

91
Q

What were the government forced into in 1992?

A

High public spending and borrowing

92
Q

When was black wednesday?

A

16th september 1992

93
Q

What was black wednesday?

A

The government were forced to withdraw from the ERM

94
Q

Why were the govenrment forced to withdraw from the ERM?

A

The pound collapsed

95
Q

What was the ERM?

A

Exchange rate mechanism

96
Q

What economic principles did Blair follow?

A
  • keep inflation low
  • keep government spending under control
  • pro-business
  • set ruleson government borrwoing
97
Q

What economic image did the Blair government want to move away from?

A

The labour ‘tax and spend’

98
Q

What did Blair want to do with the bank of england and why?

A
  • Wanted to make it independent
  • the government would make inflation targets but the bank would decide how to achieve this
99
Q

What was ‘prudence with a purpose’?

A

Blair’s governments belief that having a growing and stable economy would improve public services

100
Q

When did Blair’s government increase public spending?

A

2001

101
Q

What did Blair’s increase in public spending cause?

A
  • higher inflation rates
  • 2.6% 1997
  • 4.8% 2007
102
Q

How did Blair finance more public spending?

A

Through public finance initatives

103
Q

How did Blair bring in money?

A
  • raising national insurance rates
  • removing marriage tax allowance for couples under 65
  • removing tax relief on mortgage payments
  • reducing levels of tax-free savings
  • sold off gold reserves

History - Britain (9 decks)

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