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History Britain 1930-1997 > How Successful Were Thatcher's Economic And Social Polices > Flashcards

How Successful Were Thatcher's Economic And Social Polices Flashcards

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1
Q

What happened to retail prices between 1973 and 1979?

A

Prices doubled

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2
Q

Who was Thatchers key advisor and what did they think the economic recovery depend on?

A

Keith Jospeh and Conquering inflation was the depending factor for the economic recovery

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3
Q

How did Inflation hit social stability in Thatcher’s view?

A

By eroding middle-class savings and causing strikes for higher wages

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4
Q

How did inflation hurt British industry in Thatchers view?

A

Made British industry over priced, due to the ‘spiral’ of rising prices and rising wages

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5
Q

Why did inflation lead to reduced incentives and enterprise according to Thatcher?

A

Because of the higher prices leading to taxation; with Thatcher’s firm belief that business should be as free from tax and restriction as possible

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6
Q

Why did Thatcher believe inflation was fulled by?

A

Fulled by government spending and lack of effective control of the money in circulation

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7
Q

What did economic ideology did Thatcher think had the direct and harmful result of inflation and had to be abandoned as a principle?

A

‘Keynesianism’

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8
Q

What did Thatcher believe was the solution to stopping inflation?

A

‘Monetarism’ which is reducing the money in circulation

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9
Q

Who was the Chancellor of the Exchequer in the budget made in June 1979 that significantly shifted the tax burden from direct to indirect taxation?

A

Sir Geoffrey Howe

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10
Q

What measures made in the 1979 budget made inflation worse?

A

Honouring pay awards made by Callaghan’s government to some low-paid workers and VAT increase pushed up the prices of goods

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11
Q

What was the deflationary methods used by Thatcher’s government to tackle inflation?

A

Cut government expenditure, reduced government borrowing, increased taxes

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12
Q

What did Howe describe the 1981 budget as?

A

‘The most unpopular in history’

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13
Q

How much was inflation squashed between 1980 and 1983?

A

the rates at which prices rose in 1980 was at 18% to 4.5% in 1983

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14
Q

How much did manufacturing output fall at the beginning of the Thatcher era?

A

14% leading to many firms going out of business

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15
Q

How much did unemployment increase too between 1979 and 1983?

A

Doubled to over 3 million unemployed

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16
Q

What was a change for struggling business when Thatcher’s government first took charge?

A

There was no action to support industries facing problems

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17
Q

Why was it difficult to pay loans under Thatcher?

A

High interest rates, though boosted overseas confidence

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18
Q

Why was exports dearer under Thatcher?

A

The value of the pound increased, though it boosted the financial sector

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19
Q

What was common in the riots that occurred in Brixton, South London in April 1981 and Toxteth area of Liverpool in July 1981?

A

High unemployment, poverty and racial tensions

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20
Q

Though unemployment continued to rise, in which year dud Britain’s growth rate and productivity begin to show sign of recovery?

A

1982

21
Q

What do critics of Thatcher suggest was the reason for Britains ‘recovery’ in the early 1980s?

A

The increase in North Sea oil production, turning Britain into a net exporter of oil by 1980, was a significant cause of the improvement

22
Q

Though government expenditure was reduced as a percentage of the economy, how much did it increase between 1979 and 1990?

A

13%

23
Q

After which election victory did Thatcher’s government start speeding up privatisation?

A

The 1983 general election

24
Q

What did Thatcher believe nationalised industries were and how to improve them?

A

Nationalised industries were inefficient and over-manned and it would be better able to raise investment capital from government control

25
Q

What did Thatcher argue privatisation would bring to the government?

A

Would raise revenue with which to fund tax cuts and boost investment and enterprise

26
Q

How many British shareholders was their in 1979 and 1990?

A

1979: 3 million and 1990: 11 million

27
Q

Why did Thatcher’s plan of giving thrifty families with small shareholdings a modest stake in the future of capitalism by offering them shares in privatised business fail?

A

The government often undervalued their assets and the value of the shares usually climbed steeply immediately after issue, leading many to sell to normally big finical operations

28
Q

Who was the Chancellor of the Exchequer between 1983 and 1989?

A

Nigel Lawson

29
Q

What taxes were reduced between 1983 and 1989?

A

Capital gains and inheritance taxes

30
Q

What taxes increased between 1983 and 1989?

A

VAT, petrol tax and other duties

31
Q

What act led to the ‘Big Bang’ of the London Stock Market in October 1986 because of deregulation?

A

The Financial Services Act of 1986

32
Q

Because of the boom in money in London what increased between classes?

A

The wealth gap increased especially those in London compared to more deprived areas like South Wales, Central Scotland and the North of England

33
Q

What was the approach Thatcher’s government took to make the NHS more efficient?

A

By applying business principles

34
Q

Under Thatcher what were hospitals allowed to become?

A

Self-governing NHS trusts in control of their own budget

35
Q

Why did Thatcher want NHS services to compete with each other?

A

In hopes they would provide the most efficient and cost-effective service to GPs

36
Q

Under Thatcher what did GPs become?

A

fund-holders with their own budgets

37
Q

What did Critics complain about Thatcher’s reforms of the NHS?

A

It was the first step to privatisation and profit motive would take priority over patient care

38
Q

When were O Levels and CSE replaced with GCSEs?

A

1986

39
Q

When was the national curriculum introduced?

A

1988

40
Q

If most of the parents agreed what did state school have the option of becoming under Thatcher?

A

State schools could opt out of their local education authority and become grant-maintained schools with complete controls over their budget and operation

41
Q

Thatcher was originally doubtful of GSCEs, who persuaded her of them?

A

Sir Keith Joseph

42
Q

Why did Universities in 1981 seeked to find alternative sources of revenues and accept more students?

A

Thatcher’s government cut university budgets in 1981

43
Q

Why was the University Funding Council created in 1988?

A

To ensure that university education reflected the needs of the economy rather than concentrating on pure research

44
Q

Where did Thatcher’s government move polytechnics to after removing them from local authorities control?

A

Under the control of the Universities Funding Council

45
Q

In terms of housing what sort of ‘democracy’ did Thatcher want to create?

A

‘A Property-Owning Democracy’

46
Q

What did Thatcher think giving people house would defer them from?

A

Socialism

47
Q

During Thatcher’s reign how much did government spending on subsidising mortgages go up?

A

Doubled

48
Q

How much did property ownership increase under Thatcher?

A

12%

History Britain 1930-1997 (41 decks)

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