List 4 statistics that show how weak Britain's economy was after the war
-A lot of Britain's overseas investments had been wiped out
-The pound sterling had to be removed from the gold sterling as gold reserves ran so low
-Cost 35,000 million, 13x as much as Second Anglo Boer War
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How much money did the UK have to burrow from USA?
Over 4 million
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What was a consequence of prioritising making goods for war rather than to export for markets?
Britain's competitors were easily able to dominate markets that Britain had previously dominated
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What financial crisis exacerbated this? How?
1930 Great Depression, meant the collapse of international trade
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How much money did India contribute to the war effort?
£146 million
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How much of India's exports came from Britain in 1914?
2/3rds
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How did India's economy partly benefit from this?
Indian manufacturers were able to capture more of the domestic market
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How much did Britain increase the taxes by from 1917 to 1931?
11% in 1917 to 25% in 1931
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Who did Canada look for for investment and market after Britain lost it as an industrial power?
USA
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How were Australia and NZ badly affected by Britain after the war?
As exports of food, they relied heavily on the British market so they were hit heavily
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How did Britain try to recreate the economic system which had previously existed before 1914?Why?
They returned to the gold standard in 1925, in order to stabilise international trade
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What was an exception to this?
The Colonial Development Act of 1929 which provided Treasury funds to support colonial development projects
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When did Britain abandon gold standard? Why?
1931 abandoned the gold standard, as imports from empire increased
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Define Sterling Area
Countries that either pegged their own currencies to the pound sterling or used the pound as their own currency
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Compare the exports from Britain to the world in 1913 in comparison to 1934
£525m in 1913 to £378m in 1934
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Compare the imports from Britain to the world in 1913 in comparison to 1934
£195m in 1913 to £166m in 1934
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How much did Cotton goods exports increase by between 1913 to 1934?
51.7% in 1913 to 53.2% in 1934
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How much did Railway carriage exports increase by between 1913 to 1934?
58.4% in 1913 to 68.3% in 1934
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What idea did imperialists such as Lord Beaverbrook argue for?
Imperial preference
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Who was Lord Beaverbrook?
Founder of Sunday Express (1921), member of war cabinet during WW2
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Dominions resisted the idea of imperial preference so what compromise was reached at Ottawa Conference of 1932?
-British introduced a general 10% tax on all imports but Crown Colonies were exempted
-Britain and the Dominions gave each other's preferential treatment in their own markets
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Imports were still highly significant in imports. Give evidence to show this
Wheat imports from 1913 to 1934 increased from 48.5% to 63.3%
Cocoa imports in 1913 to 1934 increased from 50.9% to 90.7%
Wool imports in 1913 to 1934 increased from 80.2% to 83.4%
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How were Burma and Malaya hit hard by the collapse of world trade?
Malaya relied on exports of tin and rubber, Burma on exports of rice
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How did German U-boats affect British trade?
Britain lost 11.7 million tons of shipping in the war as German U-boat attacks on British sea traffic was horrific
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How did the lost of major colonies affect British trade?
They lost colonies in Southeast Asia to the Japanese from 1942 which disrupted trade and cut off supplies of vital raw materials such as rubber from Malaya
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How did rearmament affect British trade?
Meant less production went towards export
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How much of Britain's overseas assets were sold to pay for the war?
1/3
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Britain burrowed from USA in 1941 in the form of land lease. What does this mean?
An arrangement during WW2 by which the US supplied Britain with weapons, food and other necessities
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What were colonial reserves in Britain called? What were they used for?
'Sterling balances', used to help pay for the war effort
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What happened in 1945 with the Land Lease between USA and UK?
The USA ended Land Lease
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Who was John Manyard Kenyes, what did he negotiate?
Negotiated a massive US loan (approximately £900 million) in 1945, conditions were tough-the pound sterling had to be made freely convertible to dollars by spring of 1947
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List 2 terms of the Colonial Development and Welfare Act of 1940
Wrote off some colonial debts
Provided colonial grants or loans of up to £5 million per year
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List 2 terms of the Colonial Development and Welfare Act of 1945
Increased the aid available to colonies to £120 million over ten years
Required each colony to produce a ten year development plan showing how it would use such funds
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Other cards in this set
Card 2
Front
How much money did the UK have to burrow from USA?
Back
Over 4 million
Card 3
Front
What was a consequence of prioritising making goods for war rather than to export for markets?
Back
Card 4
Front
What financial crisis exacerbated this? How?
Back
Card 5
Front
How much money did India contribute to the war effort?
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