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CONSERVATIVE ECONOMIC POLICIES

This task involves creating a diagram that captures key conservative economic policies implemented in the UK from 1951 to 1964. We will reflect on significant events such as Butler's tax cuts in 1955, the introduction of import controls, and the creation of the National Economic Development Councils. The task requires collaboration, with one member of the group reviewing the diagram at a time and providing feedback. Important periods include economic recovery leading to the giveaway budget, the introduction of the Pay Pause, and policies aimed at curbing inflation.

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CONSERVATIVE ECONOMIC POLICIES

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  1. CONSERVATIVE ECONOMIC POLICIES

  2. Task • In groups you must reproduce the diagram on Conservative economic policies 1951-64 • You must all produce a diagram • Only one person is allowed to look at the diagram at one time and feedback to the rest of the group • You will only have a limited amount of time

  3. 1955: But Butler cuts income tax and purchase tax as there is a election coming Import controls-£50 limit on travel allowances Bank rate raised 1955: Pots and pans budget on kitchen utensils 1953: Income tax and purchase tax cut 1955: boom and too many imports 1951-Balance of payments and huge defence commitments Increase in exports to USA R. A. Butler (1951-55) 1962-National Economic Development Councils created (NEDDY) Macmillan 1955-57 Economic Policies Selwyn Lloyd 1960-62 Demanded halt to increasing government spending Composed of 6 trade unionists, 6 industrialists, 2 independents and 3 Cabinet ministers Wages rise faster than productivity Thorneycroft 1957-58 Heathcoat-Amory 1958-60 Wanted to bring down inflation-incomes had risen by 75% 1959-economic recovery results in giveaway budget Thorneycroft resigns when Macmillan opposes this 1961-purchase tax raised and bank rate raised to 7% Pay Pause introduced Income tax cut in an election winning budget

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