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A-level History - Britain 1918-97 > Thatcher economic policy > Flashcards

Thatcher economic policy Flashcards

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1
Q

First term

A

1979-83

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2
Q

Falklands War

A

1982

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3
Q

Chancellor Geoffrey Howe

A

1979 - June 1983

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4
Q

Chancellor Nigel Lawson

A

June 1983 - Oct 1989

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5
Q

Second term

A

1983-87

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5
Q

Third term

A

1987-90

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6
Q

Inflation … When came to office 1979, jumped to … By 1980

A

13.4%
18%

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7
Q

Inflation kept below … … (Period)

A

9%
1981-89

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8
Q

(Howe cut public spending from … To … …)

A

£11bn
£9bn
…

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9
Q

… gov subsidised nationalised industries with …

A

1984
~£1.1bn

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10
Q

By … nationalised industries brought in profit of …

A

1988
£1.3bn

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11
Q

… Large industries sold off including…

A

50
British Airways
British Steel
British Telecoms

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12
Q

In total gov made … From sale of assets

A

£20bn

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13
Q

Num shareholders rose from … To … By …

A

3mil
11mil
1990

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14
Q

… Council houses sold … (Period)

A

Over 1mil
1979-88

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14
Q

(industrial production increased by … Each year in 80s)

A

4.2%

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15
Q

UK economy grew at rate of … Towards end of 80s

A

8%

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16
Q

Real wage increase by … For average worker … ( just … In France)

A

10%
1979-94
2%

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17
Q

Num firms grew from … To …

A

1.9mil
3mil

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18
Q

Act abolished credit & exchange control

A

Financial Services Act (1986)

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19
Q

80s investment in financial services industry grew by …

A

300%

20
Q

Lawson slashed interest rates … In 1985 to … 1988

A

14%
7.5%

21
Q

Unemp above … 1980-89

A

2mil

22
Q

Unemp peaked at … In …

A

3.4mil
1986

23
Q

… Unemp in 1990 (compared to … When T came into office)

A

9.1%
3.4%

24
Q

… Workers unemp in Scotland & North mid-80s

A

1 in 5

25
Q

Stock market crash

A

1987

26
Q

Lawson’s ‘giveaway budget’… Lowered standard rate of tax … To …, top rate … To …

A

1988
27%
25%
60%
40%

27
Q

Inflation … By 1990

A

9.5%

28
Q

British Steel shed … Workers

A

95,000

29
Q

National Coal Board had to close … Pits & make … Workers redundant

A

75
64,000

30
Q

1970 … Employed in industry, by 1990 just …

A

Over 9mil
4mil

31
Q

Investment in manufacturing only grew … In 80s

A

8%

32
Q

60s industrial output = … Of GDP, by 1997 just …

A

60%
21%

33
Q

Import export deficit: 1979 …, 1990 …

A

£5bn
£20bn

34
Q

Only … Working class males owned shares, … Professional males

A

9%
50%

35
Q

Many sold shares back to large companies = 1975 … Individuals owned shares, 1990 fallen to …

A

38%
20%

36
Q

Economic growth under T slower than under … & … In …

A

Macmillan
Wilson
50s & 60s

37
Q

1950 Britain’s GDP … In world, 1997 …

A

6th
14th

38
Q

By 1990 income tax standard rate fell to …, top rate …

A

25%
40%

39
Q

VAT rose from … To …

A

8%
15%

40
Q

National Insurance rose from … To …

A

6.5%
8%

41
Q

By … Widest gap between rich & poor since records began

A

1991

42
Q

… ‘Poll Tax’ withdrawn in …

A

1989
1991

43
Q

Overall spending on social security & welfare rose … In real terms

A

60%

44
Q

(spending on law & order rose …)

A

36%

45
Q

(military spending increased … Each year 80s)

A

3%

46
Q

1990 gov. Spending = all-time high, deficit of …

A

Nearly £30bn

47
Q

Balance of payments deficit … In 1990 (… In 1979)

A

£47bn
£16bn

48
Q

Increase in household debt from … In 1980 to … 1989

A

£16bn
£45bn

49
Q

Overall personal debt … By 2003

A

£1.3 trillion

50
Q

1989 interest rates re-raised to …

A

15%

A-level History - Britain 1918-97 (6 decks)

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