1What was Macmillan's June 1957 speech in Bedford?
'Never had it so good'
2What were the episodes that had shaped Britain in 1951?
- Great Depression, 1930s
- WW2
- Rebuilding of post-war Britain
3What was the post-war consensus and/or Butskellism?
Term used by historians to describe the period of broad consensus on the mixed economy, welfare state, and Keynesian economics
4When did rationing end?
July 1954
5What was the increase in population 1951-61?
5% increase
6What was the state of employment by 1955?
Full employment; 200,000 unemployed
7What were some areas in which employment fell? (4)
- Agriculture
- Fishing
- Coal mining
- Shipbuilding
8What were some areas in which employment rose? (4)
- Electrical work
- Engineering
- Industry
- Service
9What was the number of people employed in service industry, 1960?
5 million or 1/5 of the workforce
10What were some reasons for post-war economic boom?
- Rebuilding of countries after WW2
- Increase in overseas trade
- Rising domestic demand
11What was the 1955 giveaway budget? Who was it done by and why?
£134m in tax cuts, Rab Butler, just before election
12What was the industrial production comparison of UK with Europe 1952-59? (3)
West Germany = 77%
France = 55%
UK = 28%
13What was the productivity comparison of UK with Europe 1950-60? (3)
West Germany = 59%
France = 70%
Britain = 25%
14High interest rates cause
- Less borrowing by consumers and firms
- The currency to appreciate
15Low interest rates cause
- More borrowing by consumers and firms
- The currency to depreciate
16Overheating
The growth in aggregate demand outstripping the growth in aggregate supply, resulting in inflation
17Stages of a 'go' phase
Controls removed -> increase in demand -> rising imports -> balance of payments crisis
18Stages of a 'stop' phase
Balance of payments crisis -> government controls -> demand falls -> output decreases
19Balance of trade 1946-50
-55
20Balance of trade 1955-55
-19
21Balance of trade 1956-60
+132
22Monetarism
A theory that government should control the money supply to encourage economic growth and restrain inflation
23Who was Chancellor between Oct 1951-Dec '55?
'Twas Rab Butler
24Who was Chancellor Dec 1955-Jan '57?
'Twas Harold Macmillan
25Who was Chancellor Jan 1957-Jan '58?
'Twas Peter Thorneycroft
26Who was Chancellor Jan 1958-Jul '60?
'Twas Derick Heathcoat-Amory
27Who was Chancellor Jul 1960-Jul '62?
'Twas Selwyn Lloyd
28Who was Chancellor Jul 1962-Oct '64?
'Twas Reginald Maudling
29What was the 1959 giveaway budget?
£370m in tax cuts by Derick Heathcoat-Amory
30What was the 1961 pay pause?
Dec 1961, Came as a result of worries about the economy overheating; had to ask for a loan from the IMF
31What happened in 1961 & '63?
Application to and subsequent rejection from EEC
32When and what was the NEDC?
1962, National Economic Development Council; governmental figures, academics, employers and trade unionists responsible for economic planning
33When and what was the NIC?
1962, National Incomes Commission; responsible for watching wage and price increase
34When and what was the Beeching Report?
Autumn 1963; - recommended closing 30%+ public railways
35When and what was ROBOT?
1952, a plan suggesting that sterling should float and abandon its fixed rate, supported by Butler but ultimately rejected
36When and what was the Rookes v. Barnard case?
1964 ruling that laid precedent for decreasing the power of trade unions in regards to 'closed shops'
37What was the increase in trade union membership from 1950-1960?
9.5m -> 9.8m
38Why did the power of the unions increase? (3)
- Growth in size
- Govt economic goals, such as full employment
- Absorption of small unions into larger ones
39Which pre-war act was not reinstated by the Conservative govt?
1927 Trade Union Act
40What strike took place in 1955? What was the result?
The railway strike, which had been in the making since Dec 1953 when they were brought off by the govt; in the end, after a state of emergency declared in May, the railway workers got their demands for a pay increase
41What were some restrictive practices taken on by trade unions? (3)
- Overmanning
- Unofficial strikes
- Demarcation disputes
42Which industries were privatised by Churchill's govt? (3)
- Steel
- Iron
- Road haulage
43What was the constant economic target of each govt?
Full employment
44Car ownership by 1964
8m owned compared to 2m in 1950
45TV ownership by 1964
91% compared to 4% in 1950