Britain Transformed Responding to Economic Challenge Flashcards Preview

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Flashcards in Britain Transformed Responding to Economic Challenge Deck (5)
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1

Geddes Axe

Sir Eric Geddes appointed by Lloyd George to implement greater cuts into public expenditure. Health, Welfare and Housing Budgets reduced from £205.8 million in 1920-21 to £182.1 million in 1922-23.

2

Unemployment levels in 1930

2.5 million, up from 1 million in 1929.

3

Special Areas Act

A measure that identified Tyneside, south Wales, west Cumberland and Scotland as regions in need of direct government assistance, but only a trickle of investment came to them.

4

Post-War Austerity 1945-51

Britain had accumulated over £4 billion of debt with the USA. Nationalisation occurred under new Labour Government. State took control of coal, power, railways, ship building and banking. Also wanted to get full employment.

5

NEDDY and NICKY

NEDDY an institution where management and unions could discuss the development of the economy. NICKY was purely an advisory council assembled from economists and industry experts.