Economy

Question 1

How much did the Marshall Plan give Europe?

Answer 1

$15 billion

Question 2

What was nationalised?

Answer 2

Rail, road and air services

Question 3

What were the positives of nationalising industries?

Answer 3

Safety, productivity and efficiency. Industries associated with fuel and power benefited, also good for declining industries

Question 4

Which industries opposed and why?

Answer 4

Iron and steel because they made profit and had a good record of employer-employee relations

Question 5

How did the Conservatives use iron and steel opposition to their advantage?

Answer 5

Gave them a cause to defend

Question 6

When was iron and steel nationalised?

Answer 6

1950

Question 7

What did rationing do?

Answer 7

Prevent inflation and keep employment high

Question 8

What was devalued in 1949?

Answer 8

Pound sterling

Question 9

Why would some argue that Labour lacked dependence?

Answer 9

They wanted to keep USA happy regarding Marshall Plan

Question 10

What was the ‘dollar gap’?

Answer 10

The USA dollar was so strong that Britain’s loan was drained and they had to repay USA.

Question 11

How much did Hugh Dalton negotiate from USA and Canada?

Answer 11

$6 billion

Question 12

What was the wartime debt?

Answer 12

£4000 million

Question 13

What was expenditure on?

Answer 13

Defence and reconstitution

Question 14

What % of exports dropped?

Answer 14

60%