Economy

Question 1

1918-1929

Answer 1

Problems from the First World War – loss of exports, debt, inflation.

But boom 1918-1920.

Problems in 1920s recession – struggling British industries, tariffs, Geddes Axe, high unemployment, return to Gold Standard (1925)

Question 2

1929-1951

Answer 2

Depression caused by Wall Street Crash
Recovered due to exiting gold standard (1931), housing boom, rearmament, increasing exports, increasing incomes
WW2- managed economy(war departments); Attlee sets up managed economy with nationalisation and Keynesianism

Question 3

1951-1979

Answer 3

DECLINE
due to: 
‘Stop-go’
Stagflation 
High unemployment 
TU troubles
Devaluation of pound in 1967 ($2.80-$2.40)
3 day week
Oil crisis