Margaret Thatcher 1979-90

What was the rate of inflation?
1978- 11%. 1980-22%
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What were supply side economics?
An economic theory that argues that governments should encourage production; they should do this by removing regulations and cutting taxes.
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How far did production fall between 1980 and 1981?
14%
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What was the amount of unemployment in 1982?
3 million
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How many share owners were there in 1979 and then in 1990?
Increased from 3 million to 11 million
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What percentage of shares did individuals own in 1975 and in 1990?
1975- 38% 1990- 20%
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How many homes were sold between 1979 and 1988?
Over a million
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How much did privatization raise?
£19 billion
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What did Harold Macmillan compare privatization to?
'Selling the family silver'
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What was the big bang of 1986?
It relaxed the rules on the ownership and trading operation of banks, resulting in the massive growth of financial services.
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How much did unregulated finance increase private household debt by?
From £16 billion in 1980 to £47 billion in 1989.
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How much did mortgage debt increase from?
£43 billion to £235 billion
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How much was personal debt in 2003?
£1.3 trillion
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How much did the top rate of income tax get cut by?
83% to 60% (1980) then in 1988 to 40%
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How much was the basic rate of income tax cut by?
33% to 25%
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How much did average tax bill rise by between 1979 and 1990?
6%
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How much was VAT in 1979?
15%
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What was the 1980 Employment Act?
Workers did not have to join a union when they joined a particular firm.
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What was the 1982 Employment Act?
Unions could be sued for illegal strike.
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What was the 1984 Trade Union Act?
A strike had to be approved by a majority of union members in a secret ballot.
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What was the amount of people in trade unions in 1979 and 1990?
13.5 million in 1979 and under 10 million in 1990.
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How many working days were lost in 1980-84 and in 1990-94?
10.5 million to 0.8 million
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How many members were in trade unions in 1997?
6.7 Million
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How many people were miners between 1974 to 1991?
200,000 and then under 10,000
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What did Thatcher think about the state?
It needed to be rolled back. Stop 'creeping socialism' 'TINA'
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What were the MINIS?
Management Information System for Ministers. Where inefficiencies are uncovered, jobs were lost. Allowed for cost effectiveness. The Civil Service Department in 1981- seen as a trade union in all but name.
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How many civil servants had been sacked by 1988?
22.5% sacked, saving £1 billion.
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What were flexible agencies?
They would work with the private sector to deliver services. By 1991 there were 57 agencies.
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What was the Local Government Act 1985?
It allowed Thatcher to abolish councils she found troublesome, such as the Greater London Council.
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How much were central governments cut by?
60% to 49%
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What were the Rates Act 1984?
It allowed to cap rates on 18 councils.
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What was the Housing Act of 1980?
The 'right to buy'
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How much did spending on NHS increase by between 1980 and 1987?
60%
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How much did the budget taken by the NHS increase to?
From 12% to 15% between 1979 and 1996.
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How much did the annual cost of the NHS increase by between 1985 and 1991?
25%
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How much did the money spent on NHS managers increase from?
25.7 million to £383.8 million
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How many people had private health insurance in 1990?
6,6 million
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What was the 1988 Education Act?
Imposed a national curriculum
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What is devolution?
The process where some decision making authority is given over from central government to the Scottish parliament and the Welsh and Northern Irish assemblies.
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What was the percentage of MP's who had a degree?
Rose from 40% (1918-45) to 75% in 2010
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What fraction of Labour MP's came from manual work in 2010?
10% compared to around 33% in 1945.
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Where did the centre ground shift after Thatcher?
To the right
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What percent did the top 10% receive of all post tax-income?
25%, increasing to 35.2% in 1997
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What percentage of pensioners live below the poverty line?
43% increasing from 13%
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What was the change in income during 1979 and 1992?
The top 10% saw an increase of 61%, whereas the bottom 10% saw a fall by 18%.
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What areas were affected by Thatcher?
The North, Wales and Scotland got poorer, the South and East got richer. The shift from blue collar to white collar increased unemployment in areas originally powered by old industry.
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What were the social divisions like in Wales?
166,000 unemployed in 1986. Only 3,000 employed in deep mining. 1,308 drug offences 1990. NHS spending increased from £500m to £1.5bill. GDP increased from £7k to £20k and 47% of youths seeked further education
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What was Thatcher's impact on the conservatives?
Privatization continued with British Rail 1994-97. Extension of Trade union legislation. Lower tax and preference for indirect taxation, such as VAT.
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What was Thatcher's impact on Labour?
Removal of nuclear disarmament. Pro-Europe. Trade unions lost power. Dropped support for union closed shop practice.
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What was Thatcher's impact on 'New Labour'?
Complete rejection of Nationalization. Continue low taxes. Big business and free market. No reversal of anti-trade union. Social justice close the class gap. Committed to minimum wage and investment on education to increase equal opportunities.
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Other cards in this set

Card 2

Front

An economic theory that argues that governments should encourage production; they should do this by removing regulations and cutting taxes.

Back

What were supply side economics?

Card 3

Front

14%

Back

Preview of the back of card 3

Card 4

Front

3 million

Back

Preview of the back of card 4

Card 5

Front

Increased from 3 million to 11 million

Back

Preview of the back of card 5
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