The End of Consensus - Economy (Modern Britain AQA complete notes 6/16)

These notes are for the 'Making of Modern Britain' course on AQA and as such follow the spec, although would be useful for all modern britian courses. They contain hystoriography, detail and explanations. 

The notes are devided into the sections of the spec, therefore there are 16 documents (as there are 4 areas (politics, economics, society, and foriegn policy) and there are 4 periods (Post war, Wilson + heath, Thatcher, and Blair)). 

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The End of Consensus ­ Economy

The impact on the economy
of government interventions, 1964-1973; the oil-price
crisis of 1973 and the end of the long' post-war boom'
Harold Wilson 1964--70
Issues to confront (causes of economic decline)
-- Lack of investment -- Over--spending in defence -- Cost of two…

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Based on inaccurate assumptions about the state of the economy. --
Established Prices and Incomes bill.
o Gave the government power to require wage, price or dividend
increases to be submitted to Prices and Incomes Board.
Decrease spending Cuts
-- Defence
o 1965 5.9% of GDP o 1970 4.8% of…

Page 5

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between 64 and 70 it averaged 38%. -- March 1966 decimal currency was
announced.
o Wasn't carried through until 1971. -- Did not devalue the Pound.

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Crisis and Solution (deflationary)
Crises 1964
-- Speculators in Europe attempted to make money by selling sterling,
lowering its value and then buying sterling. -- The bank of England was
forced to sell dollars so that it could buy sterling
to keep its value high so that the speculators would…

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July 1966 (emergency) Budget
-- Cabinet called for devaluation.
o Wilson and Callaghan refused.

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-- £500 million package
o Hire purchase repayments tightened o £50 a year per person overseas travel
o 10% increase in purchase tax
Wine
Tobacco o Legally binding wage freeze for 6 months
6 months of severe restraint o (Note: deflationary action worked
against national plan.) -- Bank rate raised…

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The End of Consensus - Economy (Modern Britain AQA complete notes 6/16)

These notes are for the 'Making of Modern Britain' course on AQA and as such follow the spec, although would be useful for all modern britian courses. They contain hystoriography, detail and explanations. 

The notes are devided into the sections of the spec, therefore there are 16 documents (as there are 4 areas (politics, economics, society, and foriegn policy) and there are 4 periods (Post war, Wilson + heath, Thatcher, and Blair)). 

  • Created by: tom baker
  • Created on: 08-10-15 22:33

Pages in this set

Page 1

Preview of page 1

Page 2

Preview of page 2
The End of Consensus ­ Economy

The impact on the economy
of government interventions, 1964-1973; the oil-price
crisis of 1973 and the end of the long' post-war boom'
Harold Wilson 1964--70
Issues to confront (causes of economic decline)
-- Lack of investment -- Over--spending in defence -- Cost of two…

Page 3

Preview of page 3

Page 4

Preview of page 4
Based on inaccurate assumptions about the state of the economy. --
Established Prices and Incomes bill.
o Gave the government power to require wage, price or dividend
increases to be submitted to Prices and Incomes Board.
Decrease spending Cuts
-- Defence
o 1965 5.9% of GDP o 1970 4.8% of…

Page 5

Preview of page 5
between 64 and 70 it averaged 38%. -- March 1966 decimal currency was
announced.
o Wasn't carried through until 1971. -- Did not devalue the Pound.

Page 6

Preview of page 6

Page 7

Preview of page 7
Crisis and Solution (deflationary)
Crises 1964
-- Speculators in Europe attempted to make money by selling sterling,
lowering its value and then buying sterling. -- The bank of England was
forced to sell dollars so that it could buy sterling
to keep its value high so that the speculators would…

Page 8

Preview of page 8
July 1966 (emergency) Budget
-- Cabinet called for devaluation.
o Wilson and Callaghan refused.

Page 9

Preview of page 9

Page 10

Preview of page 10
-- £500 million package
o Hire purchase repayments tightened o £50 a year per person overseas travel
o 10% increase in purchase tax
Wine
Tobacco o Legally binding wage freeze for 6 months
6 months of severe restraint o (Note: deflationary action worked
against national plan.) -- Bank rate raised…

Comments

No comments have yet been made