what was decimalisation
- 1971
- 144 to 100 pence
- aligned UK with europe more
what was the barber boom (positive)
- 1972
- tax cuts
- growth rate increased to 7.4% in 1973
what was the liberalisation of the banking system
- introduced by anthony barber
- high level of lending
- increased the supply of sterling currency
what did reduced direct taxes lead to
low unemployment and high economic growth
what was the industrial relations bill (positive)
- it was in august 1971
- aimed to curb the power of the unions
- it banned the closed shop
- enforced agreements between employers and workers
what was the 1972 industry act (positive)
- meant government, TUC and CBI worked collectively to control wage and price increases
- aimed at appeasing wage demands
what was the industrial relations bill (negative)
there was a legal loophole which meant the unions simply had to refuse to enter the deal and they were out of reach of the new court
what was the 1972 industry act (negative)
- it was opposed by Powell
- led to far more strikes in 1972
what funds had to be cut to combat rising inflation
public services
- school milk
- council house rent subsidies
how much did inflation increase by from 1969 to 1971
5% - 10%
what did the growth rate decelerate to in 1971
1.7% from 2%
how much was unemployment in 1972
1 million
how much was unemployment in 1973
500,000
explain the floating of the pound
took it from what was normally the fixed rate and floated its value relative to other currencies
the value of the pound plunged immediately
describe the oil price crisis
caused by the Yom Kippur War in 1973 which meant the middle east enforced an oil embargo on countries which were seen as pro-Israeli
what did inflation grow to in 1974
16%
how much more will a barrel of oil cost
it was four times its usual price
describe the pentonville five
- the government had to u turn and release 5 shop stewards who threatened a paralysing strike
- 1972
how many days were lost to strikes in 1972
23 million
describe the first miners strike 1972
- caused by 400k job cuts and low wage rises
- flying pickets were used for the first time
- came after getting 14% pay rise in 1971
describe the end to the first miners strike
- secured pay rises of 17%-24%
- went back to work after 6 weeks of disruption
describe the second miners strike
- the NUM reject a 13% pay increase in november 1973
- this is helped by the Yom Kippur War as coal is desperately needed
- leads to a three day week
