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Select Committee On Overseas Trade
The Select Committee on Overseas Trade was a select committee of the House of Lords that sat from 1984 to 1985. The Committee was chaired by Lord Aldington and was described by one peer as "the most comprehensive survey of the British industrial scene since the Second World War".''The Times'' (16 October 1985), p. 4. Background During the early 1980s recession the surplus in the balance of trade had turned into a deficit of £2.4 billion for 1983, £3.8 billion for 1984 and £2 billion for the first half of 1985. This had been covered by North Sea oil, which contributed £6.8 billion in 1983, £7.1 billion for 1984 and £4.2 billion for the first half of 1985. Report The unanimous view of the committee, as expressed in its Report (published on 15 October 1985), was that unless there was a change in attitude towards manufacturing industry Britain faced a political, economic and social crisis. The Report warned that Britain needed to expand its declining manufacturing base to com ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Select Committee (United Kingdom)
In British politics, parliamentary select committees can be appointed from the House of Commons, like the Foreign Affairs Select Committee; from the House of Lords, like the Delegated Powers and Regulatory Reform Committee; or as a joint committee of Parliament drawn from both, such as the Joint Committee on Human Rights. Committees may exist as "sessional" committees – i.e. be near-permanent – or as "ad-hoc" committees with a specific deadline by which to complete their work, after which they cease to exist, such as the Lords Committee on Public Service and Demographic Change. The Commons select committees are generally responsible for overseeing the work of government departments and agencies, whereas those of the Lords look at general issues, such as the constitution, considered by the Constitution Committee, or the economy, considered by the Economic Affairs Committee. Both houses have their own committees to review drafts of European Union directives: the Eur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
House Of Lords
The House of Lords, also known as the House of Peers, is the Bicameralism, upper house of the Parliament of the United Kingdom. Membership is by Life peer, appointment, Hereditary peer, heredity or Lords Spiritual, official function. Like the House of Commons of the United Kingdom, House of Commons, it meets in the Palace of Westminster in London, England. The House of Lords scrutinises Bill (law), bills that have been approved by the House of Commons. It regularly reviews and amends bills from the Commons. While it is unable to prevent bills passing into law, except in certain limited circumstances, it can delay bills and force the Commons to reconsider their decisions. In this capacity, the House of Lords acts as a check on the more powerful House of Commons that is independent of the electoral process. While members of the Lords may also take on roles as government ministers, high-ranking officials such as cabinet ministers are usually drawn from the Commons. The House of Lo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Toby Low, 1st Baron Aldington
Brigadier Toby Austin Richard William Low, 1st Baron Aldington, Baron Low, (25 May 1914 – 7 December 2000), known as Austin Richard William Low until he added "Toby" as a forename by deed poll on 10 July 1957, was a British Conservative Party politician and businessman. He was however best known for his alleged role in Operation Keelhaul, the forced repatriation of Russian, Ukrainian and other prisoners of war to the Soviet Union where many were executed. After he was accused of war crimes, he successfully sued his accusers for libel. Life He was the son of Colonel Stuart Low, the Chairman of Grindlays Bank, who was killed in the sinking of MV ''Henry Stanley'' in 1942, and Lucy Atkin, daughter of the Lord Atkin. He was educated at Winchester College (where he later became Warden, i.e. chairman of the governing body), and at New College, Oxford where he studied law. He qualified as a barrister in 1939. He joined the Rangers (King's Royal Rifle Corps), a famous London Ter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Early 1980s Recession
The early 1980s recession was a severe economic recession that affected much of the world between approximately the start of 1980 and 1983. It is widely considered to have been the most severe recession since World War II. A key event leading to the recession was the 1979 energy crisis, mostly caused by the Iranian Revolution which caused a disruption to the global oil supply, which saw oil prices rising sharply in 1979 and early 1980. The sharp rise in oil prices pushed the already high rates of inflation in several major advanced countries to new double-digit highs, with countries such as the United States, Canada, West Germany, Italy, the United Kingdom and Japan tightening their monetary policies by increasing interest rates in order to control the inflation. These G7 countries each, in fact, had " double-dip" recessions involving short declines in economic output in parts of 1980 followed by a short period of expansion, in turn, followed by a steeper, longer period of econom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
North Sea Oil
North Sea oil is a mixture of hydrocarbons, comprising liquid petroleum and natural gas, produced from petroleum reservoirs beneath the North Sea. In the petroleum industry, the term "North Sea" often includes areas such as the Norwegian Sea and the area known as "West of Shetland", "the Atlantic Frontier" or "the Atlantic Margin" that is not geographically part of the North Sea. Brent crude is still used today as a standard benchmark for pricing oil, although the contract now refers to a blend of oils from fields in the northern North Sea. From the 1960s to 2014 it was reported that 42 billion barrels of oil equivalent (BOE) had been extracted from the North Sea since when production began, and there is still a potential of 24 billion BOE left remaining there, which is equivalent to about 35 years worth of production, the North Sea will remain as an important petroleum reservoir for years to come. History 1851–1963 Commercial extraction of oil on the shores of the North Sea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Balance Of Payments
In international economics, the balance of payments (also known as balance of international payments and abbreviated BOP or BoP) of a country is the difference between all money flowing into the country in a particular period of time (e.g., a quarter or a year) and the outflow of money to the rest of the world. These financial transactions are made by individuals, firms and government bodies to compare receipts and payments arising out of trade of goods and services. The balance of payments consists of two components: the current account and the capital account. The current account reflects a country's net income, while the capital account reflects the net change in ownership of national assets. History Until the early 19th century, international trade was heavily regulated and accounted for a relatively small portion compared with national output. In the Middle Ages, European trade was typically regulated at municipal level in the interests of security for local industry an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Current Account (balance Of Payments)
In economics, a country's current account records the value of exports and imports of both goods and services and international transfers of capital. It is one of the two components of its balance of payments, the other being the capital account (also known as the financial account). Current account measures the nation's earnings and spendings abroad and it consists of the balance of trade, net ''primary income'' or ''factor income'' (earnings on foreign investments minus payments made to foreign investors) and net unilateral transfers, that have taken place over a given period of time. The current account balance is one of two major measures of a country's foreign trade (the other being the net capital outflow). A current account surplus indicates that the value of a country's net foreign assets (i.e. assets less liabilities) grew over the period in question, and a current account deficit indicates that it shrank. Both government and private payments are included in the calcula ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tertiary Sector Of The Economy
The tertiary sector of the economy, generally known as the service sector, is the third of the three economic sectors in the three-sector model (also known as the economic cycle). The others are the primary sector (raw materials) and the secondary sector (manufacturing). The tertiary sector consists of the provision of Service (economics), services instead of Product (business), end products. Services (also known as "Intangible good, intangible goods") include attention, advice, access, experience and affective labor. The information economy, production of information has been long regarded as a service, but some economists now attribute it to a fourth sector, called the quaternary sector. The tertiary sector involves the provision of services to other businesses as well as to final consumers. Services may involve the transport, distribution (economics), distribution and sale of goods from a producer to a consumer, as may happen in wholesaler, wholesaling and retailer, retaili ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Leon Brittan
Leon Brittan, Baron Brittan of Spennithorne, (25 September 193921 January 2015) was a British Conservative politician and barrister who served as a European Commissioner from 1989 to 1999. As a member of Parliament from 1974 to 1988, he served several ministerial roles in Margaret Thatcher's government, including Home Secretary from 1983 to 1985. Early life Leon Brittan was born in London, the son of Rebecca (née Lipetz) and Joseph Brittan, a doctor. His parents were Lithuanian Jews who had migrated to Britain before the Second World War. He was educated at the Haberdashers' Aske's Boys' School and Trinity College, Cambridge, where he was President of the Cambridge Union Society and Chairman of the Cambridge University Conservative Association. Brittan then studied at Yale University on a Henry Fellowship. Sir Samuel Brittan, the economics journalist, was his brother. The former Conservative MP Malcolm Rifkind, and the music producer Mark Ronson, were cousins. Politica ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Roy Hattersley
Roy Sydney George Hattersley, Baron Hattersley, (born 28 December 1932) is a British Labour Party politician, author and journalist from Sheffield. He was MP for Birmingham Sparkbrook for over 32 years from 1964 to 1997, and served as Deputy Leader of the Labour Party from 1983 to 1992. Early life Hattersley was born on 28 December 1932 in Sheffield, West Riding of Yorkshire, to Enid Brackenbury and Frederick Roy Hattersley (1902–1973; also known by his middle name), who married in the 1950s. His mother was a city councillor, and later served as Lord Mayor of Sheffield (1981). His father, at various times a police officer, clerk at Sheffield town hall, and chairman of the council's Health Committee, was a former Roman Catholic priest, the parish priest at St Joseph's at Shirebrook in Derbyshire, who renounced the church and left the priesthood to cohabit with Hattersley's mother, Enid, a married woman at whose wedding he had officiated two weeks earlier; Frederick ultima ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mansion House Speech
Mansion House is the official residence of the Lord Mayor of London. It is a Grade I listed building. Designed by George Dance in the Palladian style, it was built primarily in the 1740s. The Mansion House is used for some of the City of London's most formal official functions, including two annual white tie dinners. At the Easter banquet, the main speaker is the Foreign Secretary, who then receives a reply from the Dean of the Diplomatic Corps, i.e. the longest-serving ambassador. In early June, it is the turn of the Chancellor of the Exchequer to give his "Mansion House Speech" about the state of the British economy. The most famous was Mansion House Speech of 1911 by David Lloyd George, which warned the German Empire against opposing British influence during the period leading up to the First World War. History Mansion House was built between the years of 1739 and 1752, in the Palladian style by the surveyor and architect George Dance the Elder. The Master Mason was J ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nigel Lawson
Nigel Lawson, Baron Lawson of Blaby, (born 11 March 1932) is a British Conservative Party politician and journalist. He was a Member of Parliament representing the constituency of Blaby from 1974 to 1992, and served in the cabinet of Margaret Thatcher from 1981 to 1989. Prior to entering the Cabinet, he served as the Financial Secretary to the Treasury from May 1979 until his promotion to Secretary of State for Energy. He was appointed Chancellor of the Exchequer in June 1983, and served until his resignation in October 1989. In both Cabinet posts, Lawson was a key proponent of Thatcher's policies of privatisation of several key industries. Lawson oversaw the sudden deregulation of financial markets in 1986, commonly referred to as the 'Big Bang', which decisively strengthened London's place as a financial capital. Lawson was a backbencher from 1989 until he retired in 1992, and now sits in the House of Lords but has announced his intention to retire with effect on 31 Decembe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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