Labour and the Controlled Economy

Loans- Why did Britain need to revive her industries?
So that exports could increase and the defecit could be reduced.
1 of 13
What size of loan was the economist Keynes sent to the USA to ask for?
An interest-free loan of US $6,000 million. (It was only fully paid back fully in 2006).
2 of 13
How much did the Americans actually give?
$3750 million at 2% interest.
3 of 13
How did this first loan help Britain's defecit?
Exports reached 17% above the 1939 level. British industry was recovering. The balance of payments defecit stood at £438 million.
4 of 13
What was the European recovery programme?
Offered grants to countries in Europe. UK took £1263 million.
5 of 13
How did the European recovery programme help Britain?
Enabled recovery to be completed. Exports were at 75% above the 1938 level.
6 of 13
Austerity- Who became chancellor of the exchequer in October 1947?
Sir Stafford Cripps.
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What did Sir Stafford Cripps believe was the best way to solve Britain's economic problems?
Austerity.
8 of 13
What were his priorities?
Exports, capital investment in industry.
9 of 13
Which goods were to be rationed until 1951?
Meat, butter, bacon, tea, sugar.
10 of 13
How far did Britain's farming industry improve?
20% increase in agricultural output from 1947-1952.
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Why was coal rationed and what was the impact?
The winter of 1946-1947 was especially cold. 2 million people were temporarily out of work.
12 of 13
Why were building materials rationed?
They were needed to build schools and council houses.
13 of 13

Other cards in this set

Card 2

Front

What size of loan was the economist Keynes sent to the USA to ask for?

Back

An interest-free loan of US $6,000 million. (It was only fully paid back fully in 2006).

Card 3

Front

How much did the Americans actually give?

Back

Preview of the front of card 3

Card 4

Front

How did this first loan help Britain's defecit?

Back

Preview of the front of card 4

Card 5

Front

What was the European recovery programme?

Back

Preview of the front of card 5
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