Margaret Thatcher Economics Flashcards

  • Created by: tomtom11
  • Created on: 06-03-17 09:43
Thatcher + Economics- How far did inflation increase by, between 1978-1980, as a result of monetarism?
It doubled- 11% in 1978 and 22% in 1980.
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Thatcher + Economics- How far did manufacturing production fall by between 1980-1?
14%
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Thatcher + Economics- When did unemployment peak? (what year and what figure?)
It peaked in 1985 at 3.2 million, but fell from '86 onwards.
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Thatcher + Economics- What did inflation never rise above in the '80s?
9%
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Thatcher + Economics- Which nationalised industries were sold off before 1983?
Petroleum, aerospace, and sugar
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Thatcher + Economics- When was BT sold off?
1984
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Thatcher + Economics- When was British Gas sold off?
1986.
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Thatcher + Economics- By how far did the number of shareholders increase by between 1979-1990?
3 million in 1979-11 million in 1990.
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Thatcher + Economics- How many unskilled males had shares vs. professional males?
9% of unskilled males vs. 50% of skilled males.
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Thatcher + Economics- By how far did shares decrease by between 1975-1990?
People owned 38% of shares in 1975 and only 20% in 1990.
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Thatcher + Economics- How much was raised by the govt. as a result of these sales?
£19bn
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Thatcher + Economics- By how much did private household debt rise by?
£16bn in 1980 to £47bn in 1989
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Thatcher + Economics- By how far did overall mortgage debt increase by?
By £43bn to £235bn
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Thatcher + Economics- How large was overall personal debt by 2003?
£1.3trn
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Thatcher + Economics- By how far was the top rate of income tax cut to in 1980? What was it cut to further in 1988?
From 83% to 60% in 1980, and then to a further 40% in 1988.
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Thatcher + Economics- By how much was the average rate of income tax cut by?
From 33% to 25%
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Thatcher + Economics- By how far was inheritance tax cut?
From 75% to 40%
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Thatcher + Economics- However, by how far did the average tax bill raise under Thatcher?
6% between 1979-1990.
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Thatcher + Economics- By how far did the VAT rate rise in 1979 alone?
8%-15%
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Thatcher's fight against Trades Union- What did the Employment Act (1980) do?
Workers were not forced to join a union, and no sympathy strikes were allowed.
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Thatcher's fight against Trades Union- What did the Employment Act (1982) do?
Unions could be sued for illegal strike action.
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Thatcher's fight against Trades Union- What did the Trade Union Act (1984) do?
Unions couldn't hold a strike until they had a secret ballot majority.
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Thatcher's fight against Trades Union- By how far did Trades Union membership fall between 1979-1990?
From 13.5m in 1979 to less than 10m in 1990.
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Thatcher's fight against Trades Union- By how far did the total number of working days lost fall by?
Between 1980-1984 the total number of working days lost included 10.5m, but by 1990-1994 it was 0.8m.
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Thatcher's fight against Trades Union- By how far did manual labour fall by in the years 1974-1991?
47% in 1974 to 36% in 1991.
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Thatcher's fight against Trades Union- By how far did the number of miners fall between 1974-1991?
200,000 in 1974 to 10,000 in 1991.
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Thatcher + Economics- Compared to the '60s, how much unemployment was there in the 1980s?
Between 1960-1973 average unemployment = 1.9%, whereas it was a 9.1% average in the years 1980-1990.
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Thatcher + Economics- In the mid-'80s what was the average growth rate per year?
4%
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Thatcher + Economics- Where was the UK ranked in terms of GDP per capita in 1950, 1973, and 1997?
6th in the world in 1950, then by 1973 it was 11th and by 1997 it was 14th.
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Thatcher + Economics- By how far did law and order spending raise under Thatcher?
By 36%
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Thatcher + Economics- By how far did the military spending increase by per year under Thatcher?
3%
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Thatcher + Economics- How productive were UK workers compared to US workers in the years 1979 and 1997?
In 1979 they were 50% as productive as US workers, and in 1997 they were 77% as productive.
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Thatcher + Economics- What was the balance of payments for manufactured goods like in 1979 compared to 1989?
1979 = £56bn surplus, 1997 = £20bn deficit.
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Thatcher + Economics- By how far did investment in the financial industry rise compared to investment in the manufacturing industry?
Finance = 300%. Industry = 8%
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Thatcher + Economics- How many workers were made redundant by British Steel in 1979?
53,000.
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Thatcher + Economics- How many workers had British Leyland laid off in 1981?
30,000.
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Thatcher + Economics- How far did government-given grants fall by between 1984-1987?
£3.8bn in 1984 to £225m in 1987.
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Thatcher + Economics- Which famous campaign had 4.6m people buying shares?
'Tell Sid'
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Thatcher + Economics- To what level did Lawson decrease interest rates to in 1988?
In 1988 he made Interest Rates 7.5%, a decrease from 14% in 1985.
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Thatcher + Economics- As a result of Lawson's policies, which famous event happened? And what happened?
Black Monday, and it wiped £50m off the value of shares.
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Other cards in this set

Card 2

Front

14%

Back

Thatcher + Economics- How far did manufacturing production fall by between 1980-1?

Card 3

Front

It peaked in 1985 at 3.2 million, but fell from '86 onwards.

Back

Preview of the back of card 3

Card 4

Front

9%

Back

Preview of the back of card 4

Card 5

Front

Petroleum, aerospace, and sugar

Back

Preview of the back of card 5
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