Economic Stats 1964-1970 Flashcards
When did Wilson get an IMF loan and for how much
1964
£1 billion
What did Wilson blame for economic issues- quote
Industrial action
“Blown off course by the 7 weeks seamen’s strike”
When did Wilson approach the IMF for a second loan
1967
When was the pound devalued and by how much
1967
$2.80 to $2.40
Balance of payments defecit in 1963, 1967 and 1969
-71 million
-461 million
+402 million
Days lost to strikes in 1963 and 1970
1963- 1.8 million
1970- 11 million
What was the Department for Economic affairs
New ministry to run the economy
Led by George Brown
What was the Declaration of Intent
An agreement to hold down wages and prices
Issues with the Department for Economic Affairs
Created a polycratic state due to overlap with Treasury
What regulation was introduced under Wilson
Prices and Incomes Board established to approve increases in Wages and Prices
Industrial Reorganisation Committee- helped merge firms into larger bodies
Leyland merged with British Motor Corporation in attempts to compete abroad
What was the National Plan
Created in 1964 by George Brown
Attempted to “secure rapid industrial growth”
Encouraged Co-operation between government, employers and trade unions
How Successful was the national plan
Failed to reach many targets- eg envisioned growth of 3.8%, reality 2.2%
Withdrawn in 1967
However, modernising impressed electorate in 1966
Nationalisation under Wilson
1967: British Steel
1969: National Bus Company
1969: Post Office
How did Wilson approach trade unions
Believed inflation and balance of payments posed threat to economic progress- 1963 asked unions to be realistic
Believed that election of 1966 gave him mandate- cut government policy angering trade unions
Gap grew between 1966-67- culminated in 1969 in place of strife
What strikes occurred in 1966-67 and how did Wilson respond
Seamen’s and dockers Union damaged government
Wilson described it as a “Marxist attack”
