Economy (+ industrial relations) Flashcards
What was the inflation rate inherited by Labour?
2.8%
What donation had Bernie Ecclestone made to labour?
£1 million
Tobacco Advertising and Promotion Act
2002 - F1 was exempt and many believed this to be thanks to the donation made by chief exec Bernie Ecclestone
In 2007 how many people of working age had never had a job?
5.4 million
How many more people were in work in 2007 compared to 1997
2.5 million more - a total of 29.1 million
‘Golden Brown’
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
Pensions
1997 - In order to build reserves, Brown began taxing pensions and as a result values fell. By 2007, £8bn had been lost.
Savings ratio in 2007 vs 1997?
9.7% in 1997 but 3.7% in 2007
What taxation adjustments were made between 1997 and 2001?
- 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
TESSA
tax exempt special savings account
PEP
personal equity plan
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?
37% - it was employing around 7 million people, 900 000 of whom had gained their jobs under Blair.
What did Britain realise about China in 2006?
That China was selling much more to Britain than it was purchasing.
How much were Britain’s exports to China worth in 2005? What about Germany’s exports to China?
Britain’s exports were worth £5bn but Germany’s were worth £31bn
Unemployment rate 2007? 2001?
5%, a decrease from 5.6%
