1951-1957 (Never had it so good?)- Economic Flashcards Preview

Year 13 History- Britain > 1951-1957 (Never had it so good?)- Economic > Flashcards

Flashcards in 1951-1957 (Never had it so good?)- Economic Deck (12)
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1

give 2 factors why the economy in 1951 was poor?

balance of payments crisis
korean war spending

2

when did rationing fully and and what did this signify?

1954
end of austerity= higher living standard

3

what was the % birth rate increase by the end of the 1950s?

5%

4

what was achieved with employment in 1955?

full employment (virtually no unemployment)

5

how many people were employed in service industries?

5m

6

what % more goods did britain import than ever before?

29%

7

where was the only country there was a higher rate of income per head than gb?

usa

8

what was the deficit in 1951?

£700m

9

what did butler recommend in 1951 to help the economic situation (5 things)?

credit restriction
reduce imports
cut food subsidies
raise interest rates
denationalise iron/steel industries

10

what were stop-go economics?

react to economic problems as they arise

11

outline the tories stop-go economic policies?

-1951-52=STOP:weak economy; deflation necessary=bank rate raised and credit restricted
-1952-55=GO:balance of payments recovered=controls removed
-1955-59=STOP:economy overheats due to wage demands etc=higher interest rates

12

give a criticism of stop-go economics?

reacted not controlled/prevented problems=failed to keep up with economic growth of europe