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1972 United Kingdom Budget
The 1972 United Kingdom budget (also known as the dash for growth budget) was a budget delivered by Anthony Barber, the Chancellor of the Exchequer, on 21 March 1972. The budget is remembered for its large tax cuts, and led to high inflation and demands for higher wages, as well as the 1976 sterling crisis when the UK government was forced to ask the International Monetary Fund for financial help. It also led the Conservative Party to abandon "Post-war consensus" policies. History The Conservative government of Edward Heath came to power at the 1970 general election held in June of that year, with a plan for free-market–oriented policies as solutions to the country's unemployment and inflation problems, but subsequent events would force the government to largely abandon this strategy. Unemployment had increased considerably by 1972, and in January of that year, the number of unemployed had reached a million, the highest level for more than two decades. Opposed to unemployment on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of MPs Elected In The 1970 United Kingdom General Election
This is a list of Members of Parliament elected at the 1970 general election, held on 18 June. Composition These representative diagrams show the composition of the parties in the 1970 general election. Note: This is not the official seating plan of the House of Commons, which has five rows of benches on each side, with the government party to the right of the Speaker and opposition parties to the left, but with room for only around two-thirds of MPs to sit at any one time. This is a list of Members of Parliament elected to the Parliament of the United Kingdom in the 1970 general election held on 18 June. Notable newcomers to the House of Commons included John Prescott, Norman Tebbit, Ian Paisley, John Smith, Neil Kinnock, Kenneth Clarke, John Gummer, Alan Haselhurst, Dennis Skinner, and Gerald Kaufman. __NOTOC__ By-elections *See the list of United Kingdom by-elections. See also * :UK MPs 1970-1974 {{UnitedKingdomMPs 1970 General election UK MPs Follo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Depreciation (currency)
Currency depreciation is the loss of value of a country's currency with respect to one or more foreign reference currencies, typically in a floating exchange rate system in which no official currency value is maintained. Currency appreciation in the same context is an increase in the value of the currency. Short-term changes in the value of a currency are reflected in changes in the exchange rate. There is no optimal value for a currency. High and low values have tradeoffs, along with distributional consequences for different groups. Causes In a floating exchange rate system, a currency's value goes up (or down) if the demand for it goes up more (or less) than the supply does. In the short run this can happen unpredictably for a variety of reasons, including the balance of trade, speculation, or other factors in the international capital market. For example, a surge in purchases of foreign goods by home country residents will cause a surge in demand for foreign currency with ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lawson Boom
The Lawson Boom was the macroeconomic conditions prevailing in the United Kingdom at the end of the 1980s, which became associated with the policies of Margaret Thatcher's Chancellor of the Exchequer, Nigel Lawson. The term ''Lawson Boom'' was used by analogy with the phrase "The Barber Boom", an earlier period of rapid expansion under the tenure as chancellor of Anthony Barber in the Conservative government of Edward Heath. In his 1987 and 1988 budgets, Lawson cut standard rate income tax from 29p to 25p and cut the top rate to 40p. He did this because he believed that the economy was slowing down to a more sustainable rate, and "projected a huge surplus that justified his income tax cuts". In reality, the economy was accelerating out of control, inflation began shooting up, and the interest rate cuts had caused a 20% increase in house prices. Just a few months later he had to double interest rates, the UK was running its largest ever balance-of-payments deficit, and inflation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kwasi Kwarteng
Akwasi Addo Alfred Kwarteng (born 26 May 1975) is a British Conservative Party politician who has been the Member of Parliament (MP) for Spelthorne in northern Surrey since May 2010. He was Secretary of State for Business, Energy and Industrial Strategy from 2021 to 2022, and Chancellor of the Exchequer in the short-lived Liz Truss government between September and October 2022. Kwarteng was born in London to Ghanaian immigrant parents and was educated at Eton College and Trinity College, Cambridge. He worked as a columnist for ''The Daily Telegraph'' and as a financial analyst before standing for election to the House of Commons. As a backbencher, Kwarteng co-wrote a number of papers and books, including ''After the Coalition'' (2011) and ''Britannia Unchained'' (2012). In November 2018, Kwarteng was appointed Parliamentary Under-Secretary of State for Exiting the European Union by Theresa May. Following Boris Johnson's appointment as Prime Minister in July 2019, Kwarteng was ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
September 2022 United Kingdom Mini-budget
On 23 September 2022, the Chancellor of the Exchequer, Kwasi Kwarteng, delivered a Ministerial Statement entitled "The Growth Plan" to the House of Commons of the United Kingdom. Widely referred to in the media as a mini-budget (not being an official budget statement), it contained a set of economic policies and tax cuts such as bringing forward the planned cut in the basic rate of income tax from 20% to 19%; the abolition of the 45% higher rate of income tax in England, Wales and Northern Ireland; reversing a plan announced in March 2021 to increase corporation tax from 19% to 25% from April 2023; the reversal of the April 2022 increase in National Insurance; and the abolition of the proposed Health and Social Care Levy. Following widespread negative response to the mini-budget, the planned abolition of the 45% tax rate was reversed 10 days later, while plans to cancel an increase in corporation tax were reversed 21 days later. The mini-budget was delivered against the backdrop ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1979 United Kingdom General Election
The 1979 United Kingdom general election was held on Thursday 3 May 1979 to elect 635 members to the British House of Commons. The Conservative Party, led by Margaret Thatcher, ousted the incumbent Labour government of James Callaghan with a parliamentary majority of 44 seats. The election was the first of four consecutive election victories for the Conservative Party, and Thatcher became the United Kingdom's and Europe's first elected female head of government, marking the beginning of 18 years in government for the Conservatives and 18 years in opposition for Labour. Unusually, the date chosen coincided with the 1979 local elections. The local government results provided some source of comfort to the Labour Party, who recovered some lost ground from local election reversals in previous years, despite losing the general election. The parish council elections were pushed back a few weeks. The previous parliamentary term had begun in October 1974, when Harold Wilson led La ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Margaret Thatcher
Margaret Hilda Thatcher, Baroness Thatcher (; 13 October 19258 April 2013) was Prime Minister of the United Kingdom from 1979 to 1990 and Leader of the Conservative Party (UK), Leader of the Conservative Party from 1975 to 1990. She was the first female British prime minister and the longest-serving British prime minister of the 20th century. As prime minister, she implemented economic policies that became known as Thatcherism. A Soviet journalist dubbed her the "Iron Lady", a nickname that became associated with her uncompromising politics and leadership style. Thatcher studied chemistry at Somerville College, Oxford, and worked briefly as a research chemist, before becoming a barrister. She was List of MPs elected in the 1959 United Kingdom general election, elected Member of Parliament for Finchley (UK Parliament constituency), Finchley in 1959 United Kingdom general election, 1959. Edward Heath appointed her Secretary of State for Education and Science in his H ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1975 Conservative Party Leadership Election (UK)
The 1975 Conservative Party leadership election was held in February 1975. The party's sitting MPs voted Margaret Thatcher as party leader on the second ballot. Incumbent leader Edward Heath stood aside after the first ballot, in which he unexpectedly finished behind Thatcher. The Conservatives were the official Opposition to the Labour government, so Thatcher also became Leader of the Opposition. Background Edward Heath, leader of the Conservative Party and Prime Minister had called and unexpectedly lost the February 1974 general election. Although the Labour Party were able only to form a minority government, the following October 1974 general election saw them obtain a three-seat majority, and it was widely expected that Heath (who had led the party for the previous decade but lost three of the four general elections he contested) would not be leader of the party for much longer. At that time the rules for electing a party leader only applied when the post was vacant an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
James Callaghan
Leonard James Callaghan, Baron Callaghan of Cardiff, ( ; 27 March 191226 March 2005), commonly known as Jim Callaghan, was Prime Minister of the United Kingdom from 1976 to 1979 and Leader of the Labour Party from 1976 to 1980. Callaghan is the only person to have held all four Great Offices of State, having served as Chancellor of the Exchequer from 1964 to 1967, Home Secretary from 1967 to 1970 and Foreign Secretary from 1974 to 1976. He was a Member of Parliament (MP) from 1945 to 1987. Born into a working-class family in Portsmouth, Callaghan left school early and began his career as a tax inspector, before becoming a trade union official in the 1930s; he served as a lieutenant in the Royal Navy during the Second World War. He was elected to Parliament at the 1945 election, and was regarded as being on the left wing of the Labour Party. He was appointed to the Attlee government as a parliamentary secretary in 1947, and began to move increasingly towards the right wing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labour Party (UK)
The Labour Party is a political party in the United Kingdom that has been described as an alliance of social democrats, democratic socialists and trade unionists. The Labour Party sits on the centre-left of the political spectrum. In all general elections since 1922, Labour has been either the governing party or the Official Opposition. There have been six Labour prime ministers and thirteen Labour ministries. The party holds the annual Labour Party Conference, at which party policy is formulated. The party was founded in 1900, having grown out of the trade union movement and socialist parties of the 19th century. It overtook the Liberal Party to become the main opposition to the Conservative Party in the early 1920s, forming two minority governments under Ramsay MacDonald in the 1920s and early 1930s. Labour served in the wartime coalition of 1940–1945, after which Clement Attlee's Labour government established the National Health Service and expanded the welfa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
February 1974 United Kingdom General Election
February is the second month of the year in the Julian and Gregorian calendars. The month has 28 days in common years or 29 in leap years, with the 29th day being called the ''leap day''. It is the first of five months not to have 31 days (the other four being April, June, September, and November) and the only one to have fewer than 30 days. February is the third and last month of meteorological winter in the Northern Hemisphere. In the Southern Hemisphere, February is the third and last month of meteorological summer (being the seasonal equivalent of what is August in the Northern Hemisphere). Pronunciation "February" is pronounced in several different ways. The beginning of the word is commonly pronounced either as or ; many people drop the first "r", replacing it with , as if it were spelled "Febuary". This comes about by analogy with "January" (), as well as by a dissimilation effect whereby having two "r"s close to each other causes one to change. The ending of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1973 Oil Crisis
The 1973 oil crisis or first oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries (OAPEC), led by Saudi Arabia, proclaimed an oil embargo. The embargo was targeted at nations that had supported Israel during the Yom Kippur War. The initial nations targeted were Canada, Japan, the Netherlands, the United Kingdom and the United States, though the embargo also later extended to Portugal, Rhodesia and South Africa. By the end of the embargo in March 1974, the price of oil had risen nearly 300%, from US to nearly globally; US prices were significantly higher. The embargo caused an oil crisis, or "shock", with many short- and long-term effects on global politics and the global economy. It was later called the "first oil shock", followed by the 1979 oil crisis, termed the "second oil shock". Background Arab-Israeli conflict Ever since the recreation of the State of Israel in 1948 there has been Arab–Israeli conflict in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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