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What was inflation in 1971?
15%
What counter inflation policy did the government return to in 1972?
Control of policies and incomes including pay freezes
What happened to unemployment in 1972?
It reached the highest it had been since the depression in the 30s: over 1 million
How did the Unions react to the industrial relations act, a major source of tension?
None of the unions would register, and days lost to strike action reached new heights of over 23 million in 1972. This made Heath's government look incompetent
What did the NUM do in 1972?
Miner's strikes making good use of flying pickets to disrupt fuel and electricity and reduce industrial production in a bid for wage increases and to resist pit closures
How did the government respond to the miner's strikes of 1972?
They introduced the three-day working week in 1973, recalling wartime and Attlee era austerity. Eventually, the strike was settled with a 21% wage increase for the NUM
What happened in 1974 with the NUM?
NUM went on strike again for further wage increases; Heath reacted by calling an election on who ran the country: government or unions
What were the effects of the 1973 OPEC oil price conflict?
Balance of payments deficit rose to £1 billion
Inflation rose to 16%
Value of sterling dropped from $2 to $1.57
Unemployment doubled from 1974-1976
Which companies did Heath save via financial support?
Rolls-Royce and the Upper Clyde shipbuilders
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