Thatcher - top 5 Flashcards
What year did supply side economics begin
1983
What were the benefits of supply side economics for gvt
- Have a reason and incentive to work
- encourages competition
- limits trade unions
-cuts welfare to save public money (rich shouldn’t pay for poor)
What was inflation at in 1979
14%
What was monetarism
Inflation was caused my amount of money in economy so she cuts gvt spending and makes higher interest rates
How much did manufacturing fall in 1980-81
14%
How much did inflation rise by in 1980
22%
How many were unemployed in 1982
3 million
What figures show there was no change in inflation rates between 1979 and 1990
I979 - 10.3%
1990 - 10.9%
What year did the national oil corporation get privatised
1982
What were the effects of privatising the British National oil corporation
Seen as a step to far for people - she squandered a national asset for short term gain
What is popular capitalism
Belief that everyone should own property and shares in companies
What year did British Gas get privatised
1986
How much did selling British Gas raise
£5.4 billion
Sold cheaply to encourage normal people to buy shares
How much money was raised by privatisation
£19 million which made up for the tax cuts
How much did shareholding go up
From 3 mill in 79 to 11 mill 90s
What were the perks of selling off British telecoms
The waiting time for service was shortened from 6 months to 15 mins improving customer service
I’m 1990 what percentage of shareholders were individuals
20%
What percentage of unskilled men owned shares
9%
How many professional men owned shares
Half of all professional men
How many jobs were lost due to the privatisation of coal
200,000 jobs
What is deregulation
Removal of rules and regulations to encourage innovation and competition
What did the 1980 budget do
Made top rate income tax be cut from 83% to 60%
What did the 1988 budget do
Basic rate income tax was cut from 29% to 25% and the higher rate was cut to 40%
How much did the average tav bill rise between 1979 to 90
6%
Why was there a decline in tax avoidance schemes
Cuz people thought they had less tax to pay however they rose indirect tax so top 5% still paid as much tax in 1988 with 40% income tax as they did at 83%
What did the 1980 employment act do
Ended ‘closed shops’ and sympathy strikes
What did the 1982 employment act
Unions could be sieud for illegal strike actions
What did the 1984 employment act
Strikes had to be approved by a majority of union members in a secret ballot
What years was the miner strike
1984 - 85
What was Scargills disapproval rate
79%
How much did trade union memberships fall between 79-90
15.5 mill in 1979 to 10 mill in 90s
How many days were lost to strike action between 1980 to 84
10.5 mill
How many days were lost in 90-94 due to strikes
0.8 million
How was the nation divided due to miner strikes ? Gvt vs miners
Gvt 65% miners 35%
how many civil servants were there originally before Thatchers job cuts
732000
what is MINIS
allowed the minister of environment to closely monitor the cost and inefficiencies of workers cut the unwanted