Economic Policy 1964-1970

What did Wilsons Labour government aim to do?
To end the 'stop-go' policies of the 50s.
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What were the governments two main policy choices to deal with problems in the economy?
Deflation and Devaluation.
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What would deflation do for the economy?
It would prop up sterling and prevent a rise in inflation but would continue 'stop-go' policies.
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What would devaluation do for the economy?
It would assist with the balance of payments problems by helping Britains exports become cheaper but it would emphasise Britains economic weaknesses. Wilson also feared that the Labour party would become seen as the party of devaluation.
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When was the DEA (Department of Economic Affairs) set up?
1964
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When was the National Board for Prices and Incomes set up?
1965
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Who was the DEA run by?
George Brown.
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What did the DEA do?
It set growth targets and created economic planning councils.
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What did both the DEA and Prices and Incomes Board aim to do?
They aimed to work with businesses and trade unions to fix wage and price settlements.
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What years was there a financial crisis?
1965, 1966 and 1967.
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When was the DEA abandoned?
1967
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When did Wilson devalue the pound?
1967
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When did Britain get rejected from the EEC for the second time?
1967
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When was 'In Place of Strife' brought in?
1969
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What was 'In Place of Strife'?
A 28 day cooling off period before striking could go ahead, government could impose a settlement when unions were in dispute with each other, strike ballots could be insisted on and the setting up of an industrial relations court.
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Other cards in this set

Card 2

Front

What were the governments two main policy choices to deal with problems in the economy?

Back

Deflation and Devaluation.

Card 3

Front

What would deflation do for the economy?

Back

Preview of the front of card 3

Card 4

Front

What would devaluation do for the economy?

Back

Preview of the front of card 4

Card 5

Front

When was the DEA (Department of Economic Affairs) set up?

Back

Preview of the front of card 5
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