Economy (+ industrial relations) Flashcards

1
Q

What was the inflation rate inherited by Labour?

A

2.8%

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2
Q

What donation had Bernie Ecclestone made to labour?

A

£1 million

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3
Q

Tobacco Advertising and Promotion Act

A

2002 - F1 was exempt and many believed this to be thanks to the donation made by chief exec Bernie Ecclestone

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4
Q

In 2007 how many people of working age had never had a job?

A

5.4 million

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5
Q

How many more people were in work in 2007 compared to 1997

A

2.5 million more - a total of 29.1 million

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6
Q

‘Golden Brown’

A

What tabloids referred to Brown as after he sold 13 million ounces of gold reserves (50%). Most of this went to China and Britain lost around £3bn in gold reserves

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7
Q

Pensions

A

1997 - In order to build reserves, Brown began taxing pensions and as a result values fell. By 2007, £8bn had been lost.

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8
Q

Savings ratio in 2007 vs 1997?

A

9.7% in 1997 but 3.7% in 2007

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9
Q

What taxation adjustments were made between 1997 and 2001?

A
  • raised national insurance contributions
  • removing the marriage tax allowance for couples under the age of 65
  • removing tax relief on mortgage payments
  • reduced the level of tax free savings that could be made each year from £12 000 to £7000
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10
Q

TESSA

A

tax exempt special savings account

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11
Q

PEP

A

personal equity plan

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12
Q

What was the percentage increase in jobs in the public sector? How many people was this sector employing by 2007 and how many of these started working under Blair?

A

37% - it was employing around 7 million people, 900 000 of whom had gained their jobs under Blair.

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13
Q

What did Britain realise about China in 2006?

A

That China was selling much more to Britain than it was purchasing.

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14
Q

How much were Britain’s exports to China worth in 2005? What about Germany’s exports to China?

A

Britain’s exports were worth £5bn but Germany’s were worth £31bn

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15
Q

Unemployment rate 2007? 2001?

A

5%, a decrease from 5.6%

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16
Q

How did Brown fund the new domestic projects?

A

PFI (Private Finance Initiative)

17
Q

What were Brown’s 5 tests regarding the Euro?

A
  • was the UK flexible enough to adapt to the change in currency?
  • how would UK investment be affected?
  • impact on the UK’s financial service sector?
  • had the UK achieved economic convergence with Europe?
  • how would it impact employment and growth?
18
Q

By how much did the pound strengthen?

A

14%

19
Q

What was scrapped in 1997?

A

Pension dividend tax credits

20
Q

GDP growth rate 2007

A

2.56%

21
Q

How much is PFI costing taxpayers? What was it expected to amount to?

A

300bn - was initially predicted to amount to £669m