Economic Developments: Economic Management from 1957-64 under Thorneycroft and Heathcoat-Amory Flashcards
(18 cards)
What was the state of Communism in Unions?
It was present but not militant
How much did wages go up in 1961 and how much did productivity go up?
Wages went up by 8% when productivity went up by 3%
What impact did the Trade Unions have on the economy?
They were causing stagflation
What happened to the pound due to the Suez Crisis?
It was put under pressure of losing value
How much did the Suez Crisis cost Britain?
£500 million
What years was Thorneycroft chancellor from?
1957-58
How did Thorneycroft try and solve Britain’s financial problems?
He tried to limit wage increases
What did Iain Macleod say would happen if Thorneycroft stopped wage increases?
It would cause unemployment to rise
What did Macmillan want for economic growth?
He wanted the economy to keep growing
How did Thorneycroft respond to what Macmillan wanted for the economy?
Thorneycroft resigned
What years was Heathcote-Amory Chancellor of the Exchequer from?
1958-60
How much were the 1959 election budget tax cuts worth?
£370 million
By what percentage did imports rise by after the 1959 election budget?
Imports rose by 10%
What percentage did exports rise by in 1959?
Exports rose by 4%
What did Heathcote-Amory try to do to the currency in his 1959 budget?
Deflate the currency.
What did Macmillan think about Heathcote-Amory trying to deflate the currency?
He opposed it
How did Heathcote-Amory respond to Macmillan’s opposition?
He resigned
What percentage of people were in favour of Trade Unions’ power in 1961?
60%
