Revision Guide 1964-1979: Economy

Question 1

What were the 8 problems of economic modernisation under heath?

Answer 1

1. Thinking McLeod would be like Jenkins, McLeod died in 70
2. Barber and Thatcher disagreement with tax cuts became known
3. ‘Barber boom’ started with a rapid rise in wage inflation
4. Many blames wage increase on strikes
5. Stagflation occurred, leading to U-Turn
6. Industrial relations act 71. Opposed by TUC and CBI
7. 71, unemployment rose to 1 million
8. Major strikes. Miners strike and railway workers strike.

Question 2

What was the OPEC Crisis?

Answer 2

Saudi Arabia cartel protects interests of oil exporting.

73 Yom Kippur War

War prompted OPEC to de lair an oil embargo

• exports stopped
• 4x price
• high demand for expensive product

NUM then demanded for a huge pay rise in 73

Question 3

Why did Britain vote to stay in the EEC in the 75 European Referendum?

Answer 3

Britain needed the economic support

Good yes campaign

Yes had More influential politicians like Jenkins