1947-67: Trade and commerce Flashcards
(17 cards)
Why was Empire and Commonwealth so important to Br trading position
As British foreign exchange reserves were too low to import.
Percentage of UK overseas investments
58% in empire companies and governments
What happened between 47 and 67 in regards to trade and commerce
Shift in importance during late 50s early 60s where Br would focus more on Europe than on the empire
Br exports 1948
Commonwealth £757 million
Western Europe £407 million
Br exports 1965
Commonwealth £1365 million
Western Europe £1593 million
Br imports 1948
Total world £2077 million
Br imports 1965
Total world £5763 million
What does the percentage of trade show during 1947-1967
That Br initially attempted to revive the empire but after deciding the loss was too great focused onto Europe
Why did Europe recover after WW2
Europe had aid from USA (Marshall aid) who hoped to gain a trading partner
What was the EFTA
European Free Trade Association which was Britain’s own rival trade bloc. Was unsuccessful compared to the EEC
When did Br apply to the EEC
In 1963 and 1967. Was initially rejected due to Br insistence on concessions regarding the commonwealth
Sterling devaluation 1967
Lowered the value of the pound by 14% as Br spent more on imports then exports. Weakened international faith in the sterling
British imports from Asia and Africa
Asia 1950: £819.6 million compared to Africa £167.1 million
How far did Asia market growth
1946 has £191.4 million exports
1956 has £815.1 million exports
How did Br earn dollars to build their foreign exchange reserves
Initially tried to ration
Also tried to develop their empire to become more productive
What was the Colonial Development and Welfare Acts of 1940 and 1945
Act to expand agriculture and promote new technology in colonies
What was the role of Colonial Development Corporation 1948
Used to co-ordinate projects and develop self-sustaining agriculture.
Renamed to Commonwealth Development Corporation in 1963
