1951-64

Question	Answer
What was the BoP deficit in 1951?	£700 million
What was the surplus by 1952?	£259 million
How did Butler set the people free?	End rationing, income tax reduced 6d in the £, unemployment 1%
What was the economic record by 1955?	low inflation& unemployment, no BoP problem, low taxes
What economic strategy did Macmillan prefer?	Expansionist - high employment even risking inflation
What was in Mac's 1959 giveaway budget?	£370m of cuts (4p off income tax & lower interest rates)
What were the GDP growth rates of GB and Italy 1951-64?	Britain - 2.3% Italy - 5.6%
What was the effect of Lloyd's 1961 pay pause?	freezing pub sect wage increases: unsuccessful, still private sec rises so public felt low paid employees mistreated
Unemployment by end of 1962?	800,000
What was the deficit in 1964?	£750 million
% of R&D budget spent on defence by 1964 compared with Japan?	Britain - 34.5 Japan - 0.8
By how much did real wages increase 1951-5 and 1960-4?	1951-55 2.2% 1960-64 4%

Resource summary

	Created by Emily Whitmore over 8 years ago