Chancellors of the Exchequer Summary

Helpful summary of Chancellors of the Exchequer 1945-1990.

Since a large part of essays will be based on economic policies, knowing these people (as well as the PMs) is very helpful.

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ATLEE V. CHURCHILL ----------------------------------------------------------------------------------------------------------------------
Hugh Dalton:
- Nationalised the Bank of England
- £50million National Land Fund (to buy important land/buildings as "a thank-offering for victory and a war-memorial").
- Balance of payments problem and Stafford-Cripps conspiring = Dalton under strain.
- Accidentally leaked his budget whilst stock-market was open - resigned.
Sir Stafford Cripps: (a BBC radio reporter famously called him Sir Stifford Crapps by accident)
- Increased taxes and forced a reduction in consumption attempting to boost exports and stabilise the Pound.
- Austerity measures: taxing rich, devaluing the pound (Wilson introduces white bread), start to de-ration.
- Supported nationalisation of strategic industries, E.g. coal and steel.
- Resigns due to ill health.
Hugh Gaitskell:
- Strain of Korean War lead to cuts to NHS budget (Wilson & Bevan resigned as a result).
- Split in party (Bevanites v. Gaitskellites) leads to Tory victory.
ATLEE V. CHURCHILL ----------------------------------------------------------------------------------------------------------------------
Richard `Rab' Butler:
- Planned to make the pound free-floating (operation ROBOT) scarpered by Eden.
- Bank rates rise, Taxes cut.
- Healthy economy and dollar reserves plus popular tax cutting budget for election.
ATLEE V. EDEN -----------------------------------------------------------------------------------------------------------------------------
Richard `Rab' Butler:
- Forced to raise taxes. Butler Demoted in cabinet reshuffle.
- Economic crisis (The cheap election ploy was the cause). Eden demotes Butler in reshuffle.
- Introduced Premium bonds (a lottery).
- Financial troubles due to Suez - was forced to withdraw support for Eden.
- Consumerism was high.
- Balance of payments - proposed inflation to save the economy.
- Mac disagrees ­ proposes increased gov. intervention. Thorneycroft (Enoch Powell & Nigel Birch) resign.
- Popular election budget.
GAITSKELL V. MACMILLAN --------------------------------------------------------------------------------------------------------------

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- Balance of payments - proposed tough 1960 budget.
- Mac disagrees. Heathcoat-Amory fired.
- Pay pause in public sector wages.
- Taxing children's pocket money - raised taxes on sweets.
- National Economic Development Council proved useless (NEDDY).
- 1961 emergency package.
- Unable to cope with economic problems ­ demoted in the Night of the Long Knives.
- Attempt to kick-start economy - cut purchase tax and bank rates (gamble).
- Aimed for "expansion without inflation" ­ Mac agrees.…read more

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Died a month after he was appointed the position.
- Outline for Budget included severe cuts in spending (e.g. snatching milk) and tax reforms, much of which was used.
- Took measures to join the EEC: replacing Purchase Tax with VAT, relaxing exchange controls (over foreign imports).
- Reduced direct taxes. Economic boom followed but soon choked under restraint of British economy.
- Attempted to ensure conservative win in next election ­ it lead to inflation and poor industrial relations.…read more



Really useful! Can i ask what grade you got last year?

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