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History - Britain Transformed > Wilson + Callaghan 1974-1979 (T3) > Flashcards

Wilson + Callaghan 1974-1979 (T3) Flashcards

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1
Q

What was the PWC like from 1974-1979?

A

Under huge strain - Labour faced significant barriers to upholding consensus politics

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2
Q

What was the majority like for Labour after the 1974 election?

A

They had a tiny majority of 3 seats - they had to rely on the Liberal party

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3
Q

What was the pact between the Liberals and Labour in 1974 called?

A

The Lib-Lab pact

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4
Q

When did Wilson resign?

A

1976

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5
Q

Who replaced Wilson in 1976?

A

Jim Callaghan

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6
Q

What were Wilson and Callaghan remembered for?

A
  • The IMF loan

- The ‘Winter of DIscontent’

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7
Q

How did the 1973 Oil Crisis pose as a problem to Wilson?

A

After oil prices rose by 70% in ‘73 there was a surge in inflation, the inflation rate was over 20%

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8
Q

How much did oil prices rise by after the 1973 Oil Crisis?

A

70%

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9
Q

What was Britain dubbed during this time?

A

‘the stick man of Europe’

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10
Q

In 1975 what did Chancellor Heady do?

A

He abandoned commitment to full employment

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11
Q

What did Chancellor Heady embrace in 1975 after he abandoned commitment to full employment?

A

Monetarism in order to limit inflation and balance the budget

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12
Q

What happened when the £ was devalued in 1976?

A

It reached a record low against the $ in June 1976

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13
Q

When was Britain forced to take an IMF loan?

A

1976

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14
Q

How much did Britain have to loan from the IMF?

A

£4bn

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15
Q

What did Britain have to take out such a large loan from the IMF?

A

To cope with the economic crisis

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16
Q

In return for the IMF loan what did Britain have to do?

A

Britain had to make huge cuts to public expenditure and the budget deficit

17
Q

How much did the IMF propose Britain should make in cuts?

A

There were proposals for cuts of around 20%in the budget - to sort out the deficit

18
Q

What did Labour do to the Industrial Relations Act?

A

They replaced it

19
Q

What did Labour replace the Industrial Relations Act with?

A

The ‘Social Contract’ - a voluntary prices and wages control agreement

20
Q

Did the ‘Social Contract’ succeed?

A

No, it failed as the TU members wanted pay increases

21
Q

When was the ‘Winter of Discontent’?

A

1978-1979 –> Industrial unrest culminated during this time

22
Q

What was the ‘Winter of Discontent’?

A

A wage freeze (a condition of the IMF loan) led to public workers going on strike

23
Q

What were the consequences of the ‘Winter of Discontent’?

A
  • Rubbish was uncollected
  • Staff walked out of children’s hospitals
  • Corpses were left unburied
24
Q

How did British tabloids affect the public opinion of TUs?

A

They greatly exaggerated and sensationalised the strike

25
Q

What was the public opinion after the strikes in the ‘Winter of Discontent’?

A

It turned decisively against the Labour party and TUs - as the Labour party failed to stand up to the Unions

26
Q

Why was consensus politics overall abandoned during 1974-1979?

A

The economic problems faced by Britain

27
Q

What made consensus policies so difficult during 1974-1979?

A

Economic problems and huge cuts to public expenditure

28
Q

What did the IMF crisis reinforce?

A

A change in policy orientation away from full employment and social welfare - towards the control of inflation + expenditure

29
Q

Which two important figures ditched Keynesian economics during 1974-1979?

A
  • Callaghan

- Chancellor Heady

30
Q

What was unemployment like in 1978?`

A

Unemployment had risen to 1.6 million

31
Q

What did Callaghan say in a speech?

A

‘We used to think you could spend your way out of a recession and increase employment by cutting taxes and boosting government spending… that opinion no longer exists’

32
Q

What did Callaghan say relating the Britain’s spending?

A

Britain must ‘pay its way’ in the world

History - Britain Transformed (60 decks)

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