Social freedom, New jobs, Transport goods quicker, Developed Trade Unions/Party organisation, Iron Production hit 2,000,000 tonnes by 1850 compared to 450,000 in 1820
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Name two railways related acts and what they did
1842 Railway Clearing Act which managed system of revenue between the 100 different companies. 1844 Railways Act capped prices in 3rd class at 1 penny a mile so the poor could use the railways to find work easily and go on holiday.
3 of 29
How much did the price to ship a ton of coal change?
Before railways: 18 shillings. After railways: 13 shillings
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What was the deficit when Peel took over in 1841?
Around £2 Million
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What did Peel do in 1842 to income tax?
Reintroduced income tax and it only affected the middle class and the rich.
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What were the consequences of the income tax?
It raised £4 million and turned the deficit into a budget surplus of around £1.2 million.
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What did Peel do to Duties on cotton/raw materials and sugar? What were the consequences?
Reduced them all, this got exports/trade moving again after stagnation
8 of 29
What were exports in 1849 compared to 1809 and 1839?
£25 million in 1809, £76 million in 1839, £124 million in 1849
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By 1845 what % of duties on manufactured goods remained?
10%, Peel had almost made Britain a free trade state
10 of 29
What did the Joint Stock companies act 1844 do?
Regulate company finance in an effort to stop corruption, it was done through measures such as forcing companies to keep regular audited balance sheets. It was a start but came no where near solving the whole issue.
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What act stated that only the Bank of England could introduce notes and this was done to prevent reckless spending and boost industry?
Bank Charter Act of 1844
12 of 29
What were the reasons for the repeal of the corn laws?
Anti Corn Law League, Famine in Ireland, Peels own free trade ambitions
13 of 29
Why is the mid Victorian era considered a great economic boom?
All industries developed greatly and not juts one in particular.
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By 1850, Britain was the 'workshop of the world'. What % of world trade went through British ports?
25%
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By 1850, what % of the worlds coal and iron produced by Britain?
66% of coal, 50% of iron
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What were the exports of Iron/Steel in 1840 and 1870?
£8 million to £35 million
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Why did the coal industry grow massively in the mid Victorian age?
The trains required steam power which needed coal. Coal exports grew £8 million from 1840 to 1870
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What inventions led to mass Iron/Steel production from 1850 to 1870?
Nielson's Hot blast in 1827 and Nasmayth's Steam Hammer in 1844
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What helped coal mines increase average daily haul to at least 600 tonnes?
Wire rope, steam driven winding gear helped the efficiency of getting coal out of the shaft
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Coal Output in 1850 and 1872
50 million tonnes to 130 million tonnes
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How did Textiles exports grow from 1840 to 1870? (Includes Cotton)
£38 million to £118 million (By far the biggest industry in Britain)
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What opened in 1869?
Suez Canal
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By 1870, Britain produced what % of home consumption of wheat and meat?
90% of wheat and 50% of meat
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Why could you not call this period an economic boom?
The average worker experienced none of the benefits of this growth apart from a consistent job
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What did overall output hit in 1885?
£100 Billion
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What did US steel production hit in 1885?
6 million tonnes, increase of 33% since 1870. Britain's steel industry grew very slowly in this time but it did still grow.
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What did unemployment in the mining industry peak at compared to 1870?
27% in early 1880's compared to near zero in 1870
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How many less agricultural labourers were there in 1885 compared to 1871?
92,000 less, led to major and sudden decline in amount of land growing crops
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Other cards in this set
Card 2
Front
What was the impact of railway mania?
Back
Social freedom, New jobs, Transport goods quicker, Developed Trade Unions/Party organisation, Iron Production hit 2,000,000 tonnes by 1850 compared to 450,000 in 1820
Card 3
Front
Name two railways related acts and what they did
Back
Card 4
Front
How much did the price to ship a ton of coal change?
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