Economic - Key Facts

Question 1

Name given to the deregulation of the London Stock Exchange

Answer 1

Big Bang

Question 2

Iconic image of the financial centre in the 1980s

Answer 2

Yuppies

Question 3

Name of the cap introduced to stop Labour local authorities overspending

Answer 3

Rate Capping - a number of local authorites rebelled against this

Question 4

Inflation in 1980

Answer 4

15%

Question 5

Unemployment in 1980

Answer 5

2 Million

Question 6

Name of the tax introduced on banks in the 1981 Budget

Answer 6

Windfall Tax

Question 7

Tax Cuts to 1988

Answer 7

• Basic Rate - 33% to 25%
• Top Rate - 83% to 40%

Question 8

Increase in VAT in 1979

Answer 8

8% to 15%

Question 9

Drop in Steel production during this period

Answer 9

30%

Question 10

Impact of the 1981 Budget

Answer 10

Inner City Rioting
Dubbed the most unpopular budget in history

Question 11

Outsourcing

Answer 11

Private companies took on contracts to deliver goods and services

Question 12

Number of individuals owning stocks and shares by 1990

Answer 12

From 3 Million to 9 Million

Question 13

Macmillan likened privatisation to …

Answer 13

Selling off the Family Silver

Question 14

Name of the act which gave the ‘right to buy’

Answer 14

Housing Act 1980

Question 15

Peak of interest rate in May 1980

Answer 15

22%

Question 16

Low point of interest rates in 1986

Answer 16

2.5%

Question 17

Name of the scheme whereby employers recieved a subsidy to take young people on

Answer 17

Youth Employment Scheme

Question 18

Worst hit areas by Thatcherite policy

Answer 18

• Midlands
• North
• Central Scotland
• South Wales

Question 19

Percentage fall in manufacturing output

Answer 19

15%

Question 20

Percentage of unemployment in 1983

Answer 20

13.5%

Question 21

Peak unemployment rate in Liverpool

Answer 21

25%

Question 22

Economic Realignment

Answer 22

Manufacturing to Service

Question 23

Area in London that was developed

Answer 23

Canary Wharf

Question 24

Unemployment in the North v the Southeast

Answer 24

• North - 19.1%
• Southeast - 10.1%

Question 25

Name of the report to look into the 1981 riots

Answer 25

Scarman Report