Economic Developments: Economic Management from 1957-64 under Lloyd and Maudling

Question 1

Who replaced Heathcoat-Amory as Chancellor of the Exchequer?

Answer 1

Lloyd

Question 2

What years was Lloyd Chancellor for?

Answer 2

1960-62

Question 3

What was a constant threat for the pound?

Answer 3

Devaluation

Question 4

What year did Macmillan agree to raise taxes?

Answer 4

1961

Question 5

What were interest rates put up to in 1961?

Answer 5

7%

Question 6

How much money did Macmillan request from the IMF in 1961?

Answer 6

£700 million

Question 7

What did Macmillan do with employees in public sector jobs’ wages?

Answer 7

He introduced a wage freeze

Question 8

What year did Macmillan put in the first EEC application?

Answer 8

1961

Question 9

Why did Macmillan put in an EEC application?

Answer 9

Britain was falling behind European countries

Question 10

Who set up the National Economic Development Council and National Incomes Commission?

Answer 10

Lloyd

Question 11

What was the purpose of the National Economic Development Coucnil (NEDC)

Answer 11

To bring the government and trade unionists together to do long-term economic planning

Question 12

What was the purpose of the National Incomes Commission?

Answer 12

To manage wages of employees

Question 13

What was the purpose of the creation of the National Economic Development Council in relation to the public?

Answer 13

It was to try and improve public relations

Question 14

How did the public feel about the 1961 budget?

Answer 14

They were opposed to it

Question 15

Where did the Liberals win a seat in a by-election in 1962?

Answer 15

Orpington

Question 16

What was the class demographic of Orpington?

Answer 16

Middle class

Question 17

What did the 1962 budget introduce taxes on?

Answer 17

Introduced taxes on sweets

Question 18

What did Labour say about the 1962 budget?

Answer 18

Labour said they were taxing children’s pocket money

Question 19

How did Macmillan respond to Lloyd’s 1962 Budget?

Answer 19

Macmillan sacked Lloyd

Question 20

Did the Media or Selwyn Lloyd get notified of his sacking first?

Answer 20

The media found out about Lloyd’s sacking before Lloyd was told about it

Question 21

What event occurred after the sacking of Lloyd? What fraction of Macmillan’s cabinet were sacked?

Answer 21

The Night of the Long Knives - 1/3 of the cabinet were sacked

Question 22

What was a positive thing about the Night of the Long Knives?

Answer 22

It helped to get rid of old Establishment politicians

Question 23

What happened to the 1961 EEC application? Why?

Answer 23

It was vetoed by De Gaulle. He felt the Commonwealth would obstruct EEC operations.

Question 24

Who replaced Lloyd as Chancellor in 1962?

Answer 24

Maudling

Question 25

What phase did Maudling push the economy into?

Answer 25

He pushed the economy in to a 'go' phase.

Question 26

Did Maudling create a "stop" or "go" phase in his 1963 budget?

Answer 26

Created a "go" phase

Question 27

What was Britain's GDP growth in 1963 and in 1964?

Answer 27

1963 - 4%. 1964 - 6%

Question 28

How much did exports rise from 1961 to 1964?

Answer 28

Exports rose by 10%

Question 29

How much did Imports rise from 1961-64?

Answer 29

Imports rose by 20%

Question 30

What did Maudlings 'go' phase result in?

Answer 30

A balance of payments deficit

Question 31

What was the Balance of Payments deficit in 1964?

Answer 31

£700 million

Question 32

What year was the Beeching Report published?

Answer 32

1963

Question 33

What did the Beeching Report recommend?

Answer 33

Close 30% of Britain's rail networks

Question 34

What was the impact of the Beeching Report for rural attractions?

Answer 34

Holiday towns were left with no work