Economc Stats 1951-64 Flashcards
When was iron and steel denationalised
1952
When was the NHS declared most efficient and cost effective
1956
What were stop-go policies
The term used to describe the lack of long term economic plan- continued changing of interest rates to manage economy
Annual growth in wages between 1951-64
4%
Wages in 1951 compared to 1964
1951- £8 and 6
1964- £18 and 7
Difference in car sales between 1950-1965
1.5 million to 5.5million
How had TV ownership changed between 1950-1961
Gone from 10% to 75%
How did living standards change by 1962
Risen 30%
House building target between 1951-54 and success of this
Target of 300,000 homes a year
Beat and even exceeded
How many homes built total between 1951-64
1.7 million
What was the rent act and what did it do
1957
Abolished rent controls
Put 6 million houses on market
Resulted in long term increase in rent prices
Tax changes in 1959 and what was this an example of
£370 million of tax cuts- equivalent to 4p on basic rate
Budget politics
Real wages change between 1950-1965
40% increase
GDP growth rate compared to Italy and Germany 1951-1964
2.3%
Italy 5.6%
Germany roughly 8%
What led to slow British economic growth
High Defense spending- 10% of GDP and 1.7billion (1964)
