What were the economic legacies of the First World War?
Loss of trade to Japan and USA who weren't as effected by the war. Debt- forced t borrow £850m. The value of the pound- abandon Gold Standard in 1914. Inflation- stood at 25% in 1918.. Technological development- encouraged semi-skilled work.
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How many members did Trade Unions have in 1918?
6.5 million, increasing to a high of 8.3 million in 1920.
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What was the 1922 'Geddes Axe'?
Housing and health funding dropped from £206m to £182m. Defence spending went from £190m to £111.
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What was the value of the pound in 1919?
£1 = $3.81
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When did Britain re-join the gold standard?
1925
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What happened to British exports?
Became more expensive and therefore uncompetitive
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What was implemented to help safeguard british trade?
Protectionism, the introduction of tariffs to make foreign goods more expensive and therefore less desirable
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What were the statistics for unemployment?
It never went below 10% and peaked at 23% in 1932/33. There was 60% unemployment in shipbuilding, 49% in iron and shipbuilding, 41% in coal mining.
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How much was Britain loaned at the beginning of the 1930's?
£80 million
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When did Britain leave the gold standard?
1931 and the pound floated against other currencies. The value of the pound quickly fell from $4.80 to $3.40
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What happened to British exports?
They became 25% cheaper.
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What happened to unemployment?
It was reduced due to re-armament. 15% of those unemployed found work in old industries.
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How many Essential work orders were given in 1941?
8,5 million.
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How many people were conscripted into the armed forces?
5.5 million
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What was Butskellism? (Conservatives 1951-64)
The joint economic policies of Butler and Gaitskell. They followed a keynesian approach- spend money to improve the economy.
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What happened to inflation?
It steadily built up
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What happened to British growth?
Slowed to 2.3% a year. Compared to 5.6% of Italy and 5.1% of Germany.
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What was the Department of Economic Affairs 1964?
Was set up to stimulate growth but did not have the resources to do so, thus it failed.
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What happened to the value of the pound in 1967?
It fell from $2.80 to $2.40
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Other cards in this set
Card 2
Front
How many members did Trade Unions have in 1918?
Back
6.5 million, increasing to a high of 8.3 million in 1920.
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