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Page 1

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ECONOMIC POLICY- QUICK REVISION
Sharnie6

1951- 1964
What was the inherited situation like?
Churchill Chancellor Rab Butler inherited a balance of Payments Deficit of £700
million from Attlee's Labour government. This provided a scapegoat for a failed
economy at the end of term, if they did well then it shows…

Page 2

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ECONOMIC POLICY- QUICK REVISION
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monopoly of modern thinking.
His policies between 1951 and 1955 showed that he has accepted the new forms
of Keynesian economics adopted by the preceding Labour government. He continued
Labor's main aims of: Trying to maintain full employment while at the same time
achieving economic…

Page 3

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Stop- Macmillan raised the bank rate, making it harder to borrow cash, therefore
inducing deflation.
Go- Chancellor Thorneycroft reduced taxes and credit restrictions. More tax cuts for
1959 election. Accused of more interest in voted than a stable economy.

Criticisms:

· Not enough investment in…

Page 4

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ECONOMIC POLICY- QUICK REVISION
Sharnie6

1964- 1979
Wilson

What was the inherited situation like, and how did Wilson want
to fix this?
Chancellor Jim Callaghan inherited a terrible situation from predecessor
Reginald Maudling, a £400 million balance of payments deficit.
Wilson wanted to modernise the economy, and reduce UK's reliance…

Page 5

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the conservatives in the lead with 0.5%.
July 1966, Labour lost Carmarthen by-election. 9,000 majority overturned by
Plaid Cymru. Voters turned on Labour, losing them a seat in the process.

What was the significance of Callaghan as Chancellor?
In 1964 had to borrow heavily from…

Page 6

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In Place Of Strife
Wilson's failure to take the UK into Europe made him even more determined to
deal with the unions i.e. the economy could not weaken any further.
A government white paper was produced in 1969. Proposed a ballot of all
members before…

Page 7

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On entering the EEC, Britain had joined a protectionist organisation that was
already beginning to look dated, now that the world was entering the era of
global markets.

Were Heath's aims similar to Wilson's?
"Reduce the rise in prices, increase productivity and reduce unemployment."
However,…

Page 8

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1970- 6 million people UK people going abroad for holidays by 1974 this had
increased to 11 million.
Home ownership: only building societies were allowed to lend, but in September
1971 banks were allowed to lend as well.
The period 1971 to 1972 were known…

Page 9

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ECONOMIC POLICY- QUICK REVISION
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BBC technicians secured a 15% rise when they threatened to blackout TV screen over
Christmas. Other unions eventually followed, causing the Winter of Discontent.

What was the Winter of Discontent?

Occurred from December 1978 to January 1979. Unions went on strike which
caused many problems…

Page 10

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ECONOMIC POLICY- QUICK REVISION
Sharnie6

1979- 1990
First thatcher Government 1979- 1983

What was monetarism, and how was it significant?
Cuts in public spending, less government borrowing, less money in circulation. Aim
is to cut inflation. It was untired outside of Dictator Pinochet's Chile. This represents a
clear movement away…

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