Economy (+ industrial relations) Flashcards
Social Contract - was it successful?
An agreement made by Wilson and TUC general secretary, Vic Feather, whereby the unions would accept wage restraints and in return Labour would adopt pro-worker legislation - it wasn’t very successful as few unions adhered to the wage restraints
Employment Secretary
Michael Foot
Loan offered by US treasury secretary and when? Why?
1976 - loan of $5.3bn offered in June to be repaid by December. This was because the value of the pound had reached a record low.
What did the government do in 1976 and why? What terms were negotiated?
They approached the IMF for a loan of $3.9bn in September because they couldn’t
What did the government do in Sept 1976 and why? What terms did the IMF negotiate?
They approached the IMF for a loan of $3.9bn in September because they couldn’t repay America. IMF said they needed to reduce public spending so that budget deficit would come down
What was subsidies introduced on and when?
Food and housing in March 1974
What was done to council house rents in 1974?
they were frozen
ACAS - what did this replace?
The Advisory, Conciliation and Arbitration Service was introduced to improve industrial relations and end disputes - this abolished Heath’s Pay Board
Who was Chancellor? What was his proposal?
Denis Healey - proposed increasing tax and reducing expenditure to balance the budget
Trade union membership in 1979?
13 million
What was the pay limit at and when was it introduced? What rise did Ford lorry drivers negotiate?
5% cap was introduced in 1977 - however the car workers negotiated a rise of 15%
Inflation rate?
10%
Who went on strike during the winter of discontent?
Binmen, gravediggers, coal miners
When was the winter of discontent?
November 1978 and February 1979
Unemployment in 1978?
1.6 million
