5427785
Description
Flashcards by Emily Whitmore, updated more than 1 year ago
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Created by Emily Whitmore
almost 8 years ago
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| Question | Answer |
| What was the BoP deficit in 1951? | £700 million |
| What was the surplus by 1952? | £259 million |
| How did Butler set the people free? | End rationing, income tax reduced 6d in the £, unemployment 1% |
| What was the economic record by 1955? | low inflation& unemployment, no BoP problem, low taxes |
| What economic strategy did Macmillan prefer? | Expansionist - high employment even risking inflation |
| What was in Mac's 1959 giveaway budget? | £370m of cuts (4p off income tax & lower interest rates) |
| What were the GDP growth rates of GB and Italy 1951-64? | Britain - 2.3% Italy - 5.6% |
| What was the effect of Lloyd's 1961 pay pause? | freezing pub sect wage increases: unsuccessful, still private sec rises so public felt low paid employees mistreated |
| Unemployment by end of 1962? | 800,000 |
| What was the deficit in 1964? | £750 million |
| % of R&D budget spent on defence by 1964 compared with Japan? | Britain - 34.5 Japan - 0.8 |
| By how much did real wages increase 1951-5 and 1960-4? | 1951-55 2.2% 1960-64 4% |
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