Section 5- 1987-1997 Flashcards
When was Thatcher’s third election victory?
1987
when was thatcher’s bruges speech?
1988
in 1989 who did thatcher defeat in leadership?
Anthony Meyer
what happened in 1990
Poll tax crisis
Britain joined the ERM
Thatcher lost leadership contest- led to her resignation
Major became PM
what happened in 1991?
citizens charter
coalition forces liberated Kuwait
what happened in 1992?
Britain left the ERM
Maastricht treaty
when was the euro-rebellion and ratification of the maastricht treaty?
1993
when did blair become leader of labour?
1994
when did major win party leadership election? (2nd)
1995
which ministers did thatcher lose support of?
Heseltine, Lawson and Howe
When did Heseltine resign?
1986
when did Lawson resign?
1989
When did Howe resign?
1990
what did the 1986 big bag lead to?
1987 stock market
what did the Lawson boom do?
increase inflation by 10.9%
when was poll tax replaced?
1993- replaced with council tax
when did Major with the vote of no confidence?
1990
who did Major compete with for leadership?
Heseltine and Douglas-Hurd
how many seats did Major win with?
367 votes to 247
when did Major win his first election?
1992
who was predicted to win the 1992 election?
Labour
what type of campaigning did Major do to win?
soapbox campaign
how many seats did the conservatives win with (1992)?
21 seats
in 1992 how many households were in negative equity?
increased from 300,000 to 900,000
why did so many people have negative equity on their house?
people hurried to buy a house in fear there would be none left
what was the ERM?
european exchange rate mechanism
when did Britain join the ERM?
October 1990- led by Major
what were the terms that Thatcher would enter the ERM with?
the pound valued at a high rate
what did entering the ERM cause?
over a million people lost their jobs due to international trade declined
reduced inflation
no prosperity like the Germans
negative equity
what caused the pound to be devalued?
German bank raised interest rates so Britain had to follow, traders bought the deutschmark and sell the pound –> devalues the pound
when did the government refuse to devalue the pound and leave the ERM?
1992
who was the chancellor of the Exchequer at the time of Black Wednesday?
Norman Lamont
which country was struggling most with the German interest rates?
Italy
How did Lamont try to rectify the economic crashes in Britain and other countries due to german interest rates?
Asked Germany to lower the rates - they refused
what was Germany’s offer in regards to economies crashing in the ERM
offered to cut interest rates if everyone else devalued
what happened on 11th September 1992?
Italy tried to prevent their economy from collapse
what happened on 14th September 1992?
sellers got spooked so people began selling the pound
when was black Wednesday?
16th Wednesday 1992
what were people doing with the pound on black Wednesday?
selling it at high ERM rates and buying it back for cheap sold £5b
how much were the bank of England spending trying to save the pound?
2b per hour
what were interest rates increased by?
increased to 12% then 15% the same day
how much had the bank spent on black wednesday?
£15b
what did Britain do after the events of black wednesday
chose to pull out the ERM on black wednesday
what happened the the economy after Britain pulled out the ERM?
economy flourished and inflation stayed low
what did Neil Hamilton do?
“cash for questions”
sleaze
was demoted
who did john major have an affair with?
Edwina Curie
who did Alan Clark have an affair with?
Valerie Harkess and her daughters
what did Johnathan Aitken do?
charged with perjury and perverting the course of justice
declared bankrupt
procured prostitutes for arab businessmen
aware that BMARC sold guns to Iran
what did Jeffrey Archer do?
paid a prostitute
committed perjury
what had union membership declined by?
38.6% in 1989 to 30.2% in 1997
how much did working days lost to strikes decline by?
1903 in 1990 to 235 in 1997 (with a slight jump in 1996)
when was the Trade Union Reform and Employment Rights Act (TURERA) and what did it do?
1993 continued Thatcherist reforms by trying to minimise the influence of unions