Heath Flashcards

1
Q

what was decimalisation

A
  • 1971
  • 144 to 100 pence
  • aligned UK with europe more
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2
Q

what was the barber boom (positive)

A
  • 1972
  • tax cuts
  • growth rate increased to 7.4% in 1973
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3
Q

what was the liberalisation of the banking system

A
  • introduced by anthony barber
  • high level of lending
  • increased the supply of sterling currency
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4
Q

what did reduced direct taxes lead to

A

low unemployment and high economic growth

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5
Q

what was the industrial relations bill (positive)

A
  • it was in august 1971
  • aimed to curb the power of the unions
  • it banned the closed shop
  • enforced agreements between employers and workers
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6
Q

what was the 1972 industry act (positive)

A
  • meant government, TUC and CBI worked collectively to control wage and price increases
  • aimed at appeasing wage demands
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7
Q

what was the industrial relations bill (negative)

A

there was a legal loophole which meant the unions simply had to refuse to enter the deal and they were out of reach of the new court

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8
Q

what was the 1972 industry act (negative)

A
  • it was opposed by Powell
  • led to far more strikes in 1972
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9
Q

what funds had to be cut to combat rising inflation

A

public services
- school milk
- council house rent subsidies

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10
Q

how much did inflation increase by from 1969 to 1971

A

5% - 10%

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11
Q

what did the growth rate decelerate to in 1971

A

1.7% from 2%

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12
Q

how much was unemployment in 1972

A

1 million

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13
Q

how much was unemployment in 1973

A

500,000

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14
Q

explain the floating of the pound

A

took it from what was normally the fixed rate and floated its value relative to other currencies

the value of the pound plunged immediately

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15
Q

describe the oil price crisis

A

caused by the Yom Kippur War in 1973 which meant the middle east enforced an oil embargo on countries which were seen as pro-Israeli

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16
Q

what did inflation grow to in 1974

17
Q

how much more will a barrel of oil cost

A

it was four times its usual price

18
Q

describe the pentonville five

A
  • the government had to u turn and release 5 shop stewards who threatened a paralysing strike
  • 1972
19
Q

how many days were lost to strikes in 1972

A

23 million

20
Q

describe the first miners strike 1972

A
  • caused by 400k job cuts and low wage rises
  • flying pickets were used for the first time
  • came after getting 14% pay rise in 1971
21
Q

describe the end to the first miners strike

A
  • secured pay rises of 17%-24%
  • went back to work after 6 weeks of disruption
22
Q

describe the second miners strike

A
  • the NUM reject a 13% pay increase in november 1973
  • this is helped by the Yom Kippur War as coal is desperately needed
  • leads to a three day week