Thatcher
By 1982, what was the approximate level of unemployment?
Over 3 million
What was Margaret Thatcher's approach to printing money to cover inflation?
She refused to print money.
Monetarism was eventually replaced by which type of economic policies?
Supply-side policies
Which economic approach dominated from 1982 onwards?
Supply-side economics
Which of these was a key feature of the supply-side policies implemented?
Cuts to income tax
What was the inflation rate by 1980?
22 percent
Which Chicago-based economist's ideas formed the basis of monetarism?
Milton Friedman
What was a significant negative consequence of the 1980/81 government spending cuts?
Riots in inner city areas
What was a main aim of funding tax cuts through privatization revenue?
To enable entrepreneurs to invest and create jobs
How did Thatcher plan to reduce the number of civil servants?
By replacing them with private sector workers
Besides selling state-owned industries, what other action was key to Thatcher's privatization strategy?
Removing government monopolies
What incentive did Thatcher believe ordinary people would gain from wider share ownership?
A desire to work harder and earn more
According to Thatcher's views, how would privatization impact government expenditure?
It would reduce spending on industries
What did Thatcher primarily see as a key part of her crusade to cure Britain's economic stagnation?
The sale of state owned industries
How did Thatcher believe privatization would reinvigorate the British economy?
By promoting competition and innovation
What was the intended use for the revenue generated from the sale of state industries?
To fund extensive tax cuts
How did individual share ownership in the UK change between 1970 and 1990?
It declined from 38% to 20%
What was identified as the most popular aspect of privatization, with over a million sold between 1979 and 1988?
The sale of council houses
What percentage of unskilled workers owned shares during the period of privatization, indicating uneven ownership?
Nine percent of workers
Which two major companies' privatization in 1986 truly launched what Thatcher called 'Popular Capitalism'?
British Telecom and British Gas
What was the approximate increase in share ownership among individuals between 1979 and 1990?
From 3 million to 11 million
Approximately how much money was raised by the sale of state assets through privatization, as mentioned in the notes?
£19 billion in total
How do historians generally view Thatcher's success in terms of the pace and extent of privatization reforms?
They hold divided opinions
What often happened to most shares bought by individuals during the privatization period?
They were quickly sold off
Following deregulation, financial institutions adapted their strategies by widely offering products that were characterized by what specific financial trait?
Riskier financial products yielding substantial profits
The 'Big Bang' of October 1986 significantly altered financial markets by relaxing rules concerning what key areas of banking operations?
Ownership and the trading activities of banks
The culture of unscrupulous financial practices that emerged from deregulation was identified as a major contributor to which significant economic event?
The global financial crash of 2008
The removal of exchange controls primarily led to increased overseas investment and also contributed to which significant economic effect?
Greater consumer spending on imported foreign goods
A core objective of deregulation was to alleviate restrictions that were perceived to hinder what aspects of the economy?
Innovation and market competition
On what date was the miners' strike ultimately defeated?
3 March 1985
Which actions by Arthur Scargill undermined the strike's effectiveness?
Not balloting members
When did the miners' strike begin, coinciding with reduced energy demand?
6 March 1984
What factor contributed to Prime Minister Thatcher's advantage during the strike?
NUM leader's errors
What was a direct consequence of Scargill launching the strike without a ballot and using flying pickets?
Miners leaving the NUM
What further weakened trade unions after the miner's strike?
A further series of employment acts.
How did trade unions' willingness to cooperate with the government change after the defeat of the NUM?
They became far more willing to work.
What was the approximate percentage of people employed in manual labour in 1991?
Approximately 36% of the workforce.
What was the approximate number of trade union members in 1990?
Under 10 million members.
How many working days were lost to strikes in 1990-94, compared to 10.5 million in 1980-84?
Fell to 0.8 million days.
Which Conservative figure introduced Margaret Thatcher to the neo-Liberal ideas of von Hayek?
Keith Joseph.
Thatcher believed that the welfare state primarily led to what negative outcome?
It fostered too much dependency.
For Margaret Thatcher, a successful Britain would feature what characteristic?
Less state interference and lower taxation.
Which regions experienced a significant decline in Conservative parliamentary seats, reaching zero by 1997?
Scotland and Wales
Which area most notably benefited from Thatcher's policies and demonstrated strong Conservative electoral performance?
The South-East of England
What was the change in the fraction of Labour MPs from a manual worker background between 1945 and 2010?
It decreased from 1/3 in 1945 to 1/10 in 2010
How did the percentage of politicians with a university degree change between 1918 and 2010?
It increased from 40% in 1918 to 75% in 2010
What factor was linked to the fall in voter turnout?
The rise of elite, career politicians
What trend did Thatcher accelerate regarding policy advice?
Reliance on external advisers over civil servants
To gain broader support, Neil Kinnock had to take action against which internal faction within the Labour Party?
Militant Tendency
What was Tony Blair's approach regarding the Labour Party's commitment to nationalisation?
Ended all commitment
Which prominent political figure described Tony Blair as her 'greatest legacy' upon his ascent to leadership?
Margaret Thatcher
In what year did Neil Kinnock resign as leader of the Labour Party following an election defeat?
1992
A key economic policy continued under Tony Blair's leadership, reflecting a shift towards free market liberalism, involved what type of taxation?
Low direct taxation
To promote 'inclusiveness' and reduce inequality, what was introduced in 1998 under Tony Blair's government?
A minimum wage
Under Neil Kinnock's leadership, what significant policy was rejected by the Labour Party?
Nuclear disarmament
Tony Blair replaced which part of the Labour Party constitution with a less committal statement?
Clause 4