Britain Transformed A-Level History Thatcher Summary Notes: Economics
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Course
Unit 1H - Britain transformed, 1918-97 (8HI01H)
Institution
PEARSON (PEARSON)
Book
History for Edexcel A Level: Democracies in change: Britain and the USA in the twentieth century
Edexcel Paper 1 A-level History notes which summarise the textbook chapters. The notes roughly summarised and paraphrased are intended to aid ones revision for the exam. In order to receive the most out of this, I would recommend creating flashcards from them and using as prompts instead of the tex...
Working for your living
no one should depend on welfare state, except most vulnerable- everyone should work to
make a living
Hard work to be rewarded
low income taxes
Individual enterprise
foster a new generation of entrepreneurs, to role back the state
Economic efficiency
with a purpose to make a profit, cannot work with wasteful gov And critical of unions
Rule of law- people obey law trusting it can protect their rights
against radical forms, promoted elections, which were un democratic and lawless such as
unions, feminist groups, black rights, against collective ridges
Nationalism
civilised values of hard work rights and democracy which should be celebrated. Disliked
those which criticised in institutional racism or sexism from womens liberation. Opposed
interference in affairs with other countries.
Origins
humble origins, dad shopkeeper, grammar school, oxford
Monetarism 80-82
💹 Control inflation vs previous govs with focus on full employment
Thatcher: Economic policies 1
, Taxation (Cuts)
Howe raised VAT from 8% to 15%
Standard rate of income tax from 33% to 30%
Top rate 83% to 60%
Incentive for people to work hard
Hit poor harder than the rich, took bigger rate of income.
Dramatic drop for rich
Spending cuts
Public spending dropped from £11bn in 1980 to £9bn in 1981
1981 deflationary budget
Tax on North Sea oil and one-off windfall tax on banks
Taxes in total went up by £4bn
Cuts in education and health and benefit increases downgraded.
364 economists wrote to the times protesting
Labelled as ‘sado-monetarism’
Budget softened in July 1981, cabinet rejected a further £5bn spending cuts
During the recession
🚢 North Sea Oil- became one of major sources of income for gov. 1983-85- £41bn.
Double Thatcher’s first term. Helped finance gov policies eg unemployment
benefit and tax cuts
Nationalised industry 79-82
Want for efficiency, independence from gov, free markets in nationalised industry
Thatcher: Economic policies 2
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