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Labour 1945-51 > Economy > Flashcards

Flashcards in Economy Deck (14)
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1

How much did the Marshall Plan give Europe?

$15 billion

2

What was nationalised?

Rail, road and air services

3

What were the positives of nationalising industries?

Safety, productivity and efficiency. Industries associated with fuel and power benefited, also good for declining industries

4

Which industries opposed and why?

Iron and steel because they made profit and had a good record of employer-employee relations

5

How did the Conservatives use iron and steel opposition to their advantage?

Gave them a cause to defend

6

When was iron and steel nationalised?

1950

7

What did rationing do?

Prevent inflation and keep employment high

8

What was devalued in 1949?

Pound sterling

9

Why would some argue that Labour lacked dependence?

They wanted to keep USA happy regarding Marshall Plan

10

What was the 'dollar gap'?

The USA dollar was so strong that Britain's loan was drained and they had to repay USA.

11

How much did Hugh Dalton negotiate from USA and Canada?

$6 billion

12

What was the wartime debt?

£4000 million

13

What was expenditure on?

Defence and reconstitution

14

What % of exports dropped?

60%