1951-1964 economic Flashcards
(71 cards)
when was food rationing and most wartime controls abolished
1953-54
what was Butler’s budget surplus in 1955
£242 million
how much did butler give away in tax cuts in the April 1955 budget
£134 million
what did national income increase by 1950-1955
40%
in what period did national income grow by 40%
1950-1955
when was the phrase butskellism coined
1954
what phrase was coined by the Economist in 1954
Butskellism
which nationalised industries were returned to private ownership under Churchill
road haulage and iron and steel
what was the balance of payment deficit when Butler assumed office under Churchill
£700 million
how much did defence costs absorb in the Korean War
10% GNP and 30% total gov expenditure
when was the bank rate raised from 2 to 4%
1952
what was the bank rate raised to in 1952
from 2 to 4%
what undermined Butler’s raising of the bank rate
his cutting of income tax by sixpence in the pound
when did the value of the pound come under pressure from speculators due to inflationary pressure
1955
when was Butler’s supplementary Budget that imposed more financial restrictions
October 1955
what did Macmillan raise the bank rate to as chancellor
5.5%
Macmillan’s bank rate was the highest in how many years
30
which scheme did Macmillan introduce which took money out of circulation
Premium Bonds Scheme
what did Macmillan add VAT to
tobacco
when was Thorneycroft chancellor
1957-58
when was Heathcoat Amory chancellor
1958-59
when was Selwyn lloyd chancellor
1959-62
when was Maudling chancellor
1962-64
who were Macmillan’s chancellors in order
Thorneycroft, Heathcoat Amory, Selwyn Lloyd, Maudling
