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29 Cards in this Set
- Front
- Back
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What year was the DEA (Department of Economic Affairs) established? |
1964 |
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Who was Chancellor from 1964-1967? |
Callaghan |
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What year was the ministry of technology created? |
1964 |
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Why couldn't the government carry out all their campaign pledges? |
Callaghans budget was deflationary (Focused on reducing inflation) |
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What was unemployment at in 1963? |
roughly 900,000 |
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How large was the balance of payments defecit inherited in 1964? |
£750 million |
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How many working days were lost to strikes in 1964? |
2 million |
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When was the National Plan launched |
1965 |
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When was Callaghans second budget, and was it successful? |
1965, it was successful in increasing the popularity of labour |
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How large was the IMF loan Lord Cromer granted in 1965? |
£1 billion |
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What was unemployment at in 1966? |
500,000 |
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When was the Seaman's strike? |
1966 |
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When was the Sterling Crisis? |
1966 |
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When was the national plan abandoned? |
1967 |
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What was the intention of the National Plan? |
to promote growth and investment |
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When was there a major national strike affecting the balance of payments |
1967 |
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When was devaluation |
1967 |
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When was the defence budget cut? |
1967 |
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When was Britains' application to the EEC rejected? |
1967 |
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What were the causes of Devaluation? |
Balance of payments deficit (Fuelled by Sterling crisis and national strike) High inflation (left by stop-go economics) High Unemployment |
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What were Labour's intentions with devaluation? |
Bolster Trade Boost domestic production Reduce unemployment Break out of the "straitjacket of boom and bust economics" |
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What were the results of devaluation? |
Rejection by the EEC (partially) Callaghan resigned in place of Jenkins Defence Budget cut |
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When was the Industrial expansion act passed? |
1968 |
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How much was made by increased purchase tax in 1967? |
around £200 million |
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What was the balance of payments surplus in 1969? |
around £400 million |
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What did the economic growth rate average from 1964-1970? |
2.7% a year |
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What was inflation at between 1964-1970 |
12% (3x times inflation between 1960-1964) |
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When and What was "In place of strife"? |
1969, A white paper which proposed limits on trade unions power, and was never passed into law |
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What are the two main arguments against Labour being at fault for the poor economy? |
Factors out of labour's control, such as international crisis like the six-day war. or The Conservatives mishandling of the economy from 1951-64
Trade Unions and the constant strikes |
