The Economy Flashcards
what were Gordan Browns Priorities with the economy as chancellor
inflation low
control Gov spending
prove to middle England labour could run economy
escape image of “tax and spend”
the main word to describe Brown and the economy
Prudence
“fiscal prudence” “prudence with a purpose”
In 2001 money was injected into public services for who?
higher pay for Drs, nurses, teachers
new schools and hospitals
what was the economy like by 2007?
inflation controlled- less than 3%
unemployment the lowest since 70’s- 925,000 unemployed
consumer industry booming
economy growing 2% a year
Most important quote to describe labour and economy
“the longest period of uninterrupted growth in 200 years”
what did Britain not opt into
the euro
Browns quote on economy
“stability is necessary. the economy must not be build on the sands of boom and bust but on prudence”
cons of brown and economy
1. how much did borrowing increase
2.took credit from who
3.inflation rose to
4.Golden brown lost how much
- £25 billion to 35 billion
- thatcher and ken Clarke
3.4.8%
4.£3billion
what did large expenditure on the NHS do
caused inflation to rise to 4.8%
what happened to pensions
taxed
value fell £8billion
savings ratio declined to 3.7%
UK shares value £120 billion lower
raised national insurance and TESSA taxed more
how many more people were employed?
2.5million
how many people on benefits
5.4 million by 2007
what type of state does Britain become
a client state
37% increase in jobs in public sector
what were there signs of by 2007
world recession
uk recession due to consumer boom
what was GoldenBrown
when brown sold our gold reserves
£3billion sold
china bought up half to increase our influence
