27 - John Major's Government, 1990-97 Flashcards
(32 cards)
What currency did the ERM tie European currencies to? What was the value of Sterling when tied to this currency?
Deutschmark
DM 2.95
What did many people feel about the value of the Deutschmark?
It was overpriced
What currency did many international bankers sell in September 1992? What happened to its value?
Sterling
It fell
What did Chancellor Norman Lamont raise in order to keep the Sterling’s exchange rate with DM at 2.95? What were they raised to?
Interest rates
15%
How much, in value, did Chancellor Lamont sell British foreign reserves for? Why was this insufficient on “Black Wednesday”?
£30 billion
Britain withdrew from the ERM
How did Black Wednesday seem in the short-term for Britain? What was undermined?
Disastrous
International credibility
Who in Major’s government became even more disillusioned with EU membership? What did many people lose faith in the government’s handling of?
Eurosceptics
Economy
How did Black Wednesday play out in the long-term? What began to recover?
It was an advantage
Sterling
What was Sterling valued at in DM by 1996? What was this higher than?
DM 3
ERM days
Whose was Britain’s economic growth higher than?
EU growth
What 2 crises did Major’s government face issues over?
EU membership
Sleaze
Whose legacy did Major develop as his main task? Who did he want to unite?
Thatcher’s legacy
Tories
What 2 Thatcherite policies was a consensus created under in the Tory Party?
Free-market
Individualism
Who did Major continue to provide support for in society?
The vulnerable
What 2 areas did spending increase in the budget?
Healthcare
Education
What Treaty was signed that developed closer EEC relations? When was it signed?
Maastricht Treaty
1992
What tax was withdrawn in 1991? What tax replaced it according to 8 bands of property value?
Poll tax
Council tax
What Charter was introduced in 1991? What 2 guarantees were offered?
Citizen’s Charter
Public service
Citizens’ responsibilities and rights
How big was Major’s majority in the 1992 election? What did the government face after this?
22 seats
Continuous problems
What was Major’s administration rocked by? What are 2 examples of this?
Scandals
Illicit sex
Corruption
What did sleaze diminish in the government? What did Major campaign on in 1992?
Credibility
“Return to basics”
What 2 ideals were emphasised in “Return to basics”? How did this campaign seem following sleaze?
Self-responsibility
Moral values
Hollow
Who often attacked Major’s government? What is an example of a satirical programme that ridiculed the government?
The media
Spitting Image
What event fallout dominated the early years of Major’s ministry?
“Black Wednesday”
