Rab Butler's "Giveaway Budget" of £134 million in tax cuts. Overheats the economy and leads to a balance of payment crisis.
1 of 7
1957
"Run on the pound" caused by tax cuts and the Suez Crisis. Peter Thorneycroft's monetarist policies of wage limits and public spending cuts overruled by Macmillan.
2 of 7
1958-9
Recovery of the £. Chancellor Heathcoat-Amory gives a £370 million budget for tax cuts.
3 of 7
1961
Balance of payments crisis leads to Selwyn Lloyd's "pay pause" to cut inflation. IMF loan taken out. UK applies to the EEC. National Economic Development Council ("Neddy"/NEDC) established.
4 of 7
1962
National Incomes Commission ("Nicky"/NIC) established.
Reginald Maudling launches a "Go" phase. 2% growth rate but continued balance of payment problems
7 of 7
Other cards in this set
Card 2
Front
"Run on the pound" caused by tax cuts and the Suez Crisis. Peter Thorneycroft's monetarist policies of wage limits and public spending cuts overruled by Macmillan.
Back
1957
Card 3
Front
Recovery of the £. Chancellor Heathcoat-Amory gives a £370 million budget for tax cuts.
Back
Card 4
Front
Balance of payments crisis leads to Selwyn Lloyd's "pay pause" to cut inflation. IMF loan taken out. UK applies to the EEC. National Economic Development Council ("Neddy"/NEDC) established.
Back
Card 5
Front
National Incomes Commission ("Nicky"/NIC) established.
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