Stanley Baldwin Bewdley, 1st4 November 1924
Promises "tranquility & prosperity in which to recuperate from the war"
Great Britain · Government / Conservative Party Government. Chronological records rendered directly from the World History Database.
Promises "tranquility & prosperity in which to recuperate from the war"
The budget announces sterling's return at the pre-war rate of approximately 4.86 United States dollars per pound.
Appointed Harold MacMillans economic adviser
The Industrial Charter is repeated in "The Right Road for Britain"
Proposes the "Robot" scheme to float the pound & allow exchange rates "to take the strain"
The US will support Britain if it accepts the United Nations solution, the pound collapses
The Resale Price Maintenance is abolished
Unemployment reaches one million
Access credit cards are introduced in Great Britain
Announces a freeze on pay, prices & dividends for 90 days, Selsdon u-turn
For the remainder of the year pay rises are to be 1 pound & 4% pa, maximum rise of 250 pounds pa
The MLR is increased from 7.5% to 11.5% in one month
Pay increases will be limited to 2.25 pounds or 7% per week with a maximum of 350 pounds pa. Pay increases will be limited to 2.25 pounds or 7% per week & a maximum increase of 350 pounds pa
Britain cuts the work week to three days to save energy supply
Trade figures show a defict of 383 pounds million, the largest on record. The RPI shows that fod prices had risen + 20% over the last year
When the European Monetary System and its Exchange Rate Mechanism begin operating in 1979, the United Kingdom does not join the ERM.
The British annual inflation rate stands at 21%, the first fall in two years
The Clegg Commission completes its report on pay comparability in the public sector
The registered unemployment total exceeds 2 million
As Financial Secretary to the Treasury, Lawson helps develop the Medium Term Financial Strategy announced in 1980, linking monetary and fiscal policy to the Government's anti-inflation programme.
MacGregor pursues plant closures and redundancies at British Steel after major losses.
First spell as Thatchers full-time economic adviser between 1981 and 1983, expands the frontiers of influence for public servants, and maintaines the first Thatcher Governments adherence to monetarism
As Secretary of State for Energy, Lawson promotes greater competition and private-sector participation in energy, helping establish policies that precede later gas and electricity privatisations.
Alan Arthur Walters plays a major part in discussions that almost causes Geoffrey Howes monetary targets for sterling M3, the government's chosen measure, to be replaced by a purer variant, known as monetary base control.
Alan Arthur Walters was the first spell as Thatchers full-time economic adviser between 1981 and 1983, expands the frontiers of influence for public servants, and maintains the first Thatcher government's adherence to monetarism.
Through a sleight of hand, the extra revenue Walters wished to raise was secured by freezing income tax thresholds.
Inflation reaches a low point of 3.7%
Points to lowest inflation since 1968 & record productivity
Introduces plans for Government expenditure cuts to the Cabinet
Makes plans to reduce public expenditure by 1 billion pounds
By 1983 at British Steel, there were only 71,000 staff with output almost at 1980s levels and losses reduced to 256M
MacGregors approach to turning the NCB into a profitable concern is similar to the line he had taken at British Steel, cut jobs and close unprofitable pits, this leads to the protracted and increasingly bitter 1984-1985 miners strike
Lawson's 1985 Budget reduces National Insurance contributions for lower-paid workers while broadening the value-added tax base, continuing a shift away from direct taxation.
Critics later argue that exchange-rate targeting, monetary conditions and fiscal policy during the Lawson boom contributed to rising inflationary pressure.
Lawson promotes wider personal share ownership and introduces tax measures intended to encourage investment and support charities.
The strong expansion of the British economy during the later 1980s becomes widely known as the Lawson Boom and is accompanied by further reductions in personal income-tax rates.
From early 1987 until March 1988, the Treasury informally shadows the Deutsche Mark even though the United Kingdom is not a member of the European Exchange Rate Mechanism.
The 1988 Budget abolishes the previous multiple higher rates of income tax, retains a single 40 percent higher rate and raises the principal personal allowances substantially.
An article by Walters published in The American Economis, "Unfortunately in Britain we can witness a performance of this tragedy, currently still running, enacted by Mr Lawsons misguided shadowing of the Deutschmark during 1987 to March 1989". An article by Walters published in The American Economist describes the "tragic consequences" of the "half-baked" European Monetary System"
His second period as full-time Downing Street adviser, lasting just five months, from May to October 1989, proved so contentious that it hastened the resignation of the Chancellor, Nigel Lawson
Britain agrees to enter the European Exchange Rate Mechanism (ERM) when the 3 convergence conditions are met
Official interest rates rise to 15 percent in October 1989 as the Government attempts to restrain inflationary pressure.
Interest rates rise to 15%
Major & Hurd convince the Cabinet to sign Britain up to the European Exchange Rate Mechanism (ERM) effectively guaranteeing that the British Government would follow a policy preventing the pound and other member currencies from fluctuating by more than 6%
Major & Hurd convince the Cabinet to sign Britain up to the European Exchange Rate Mechanism (ERM) effectively guaranteeing that the British Government would follow a policy preventing the pound and other member currencies from fluctuating by more than 6%
Major & Hurd convince the Cabinet to sign Britain up to the European Exchange Rate Mechanism (ERM) effectively guaranteeing that the British Government would follow a policy preventing the pound and other member currencies from fluctuating by more than 6%
Major and Hurd convince the Cabinet to sign Britain up to the European Exchange Rate Mechanism (ERM) effectively guaranteeing that the British Government would follow a policy preventing the pound and other member currencies from fluctuating by more than 6%.
With UK inflation at three times the rate of Germany's, interest rates at 15% and the "Lawson Boom" about to bust, the conditions for joining the European Exchange Rate Mechanism (ERM) were not favourable at that time.
Conflict over economic policy intensifies between Lawson and Margaret Thatcher's adviser Alan Walters, contributing to Lawson's resignation as Chancellor and his replacement by John Major.
Major & Hurd convince the Cabinet to sign Britain up to the European Exchange Rate Mechanism (ERM) guaranteeing that the the pound and other member currencies do not fluctuate by more than 6%
There is a clash between Lawson and Alan Walters when the latter claims the ERM is "half baked", Lawson resigns and is replaced by John Major
Alan Walers' 2nd period as Downing Street adviser lasts just from March to October 1989
Alan Walters' term as adviser leads to the resignation of the Chancellor, Nigel Lawson
Quotes from an article written before Walters' return to Downing St showed him to believe the European Exchange Rate Mechanism (ERM) "half-baked" and unsustainable, Lawson demanded Walters' dismissal, and failing to force Thatcher's hand, departed
Walters argued that Lawson's interest-rate rises were risking a UK recession, which later transpired
Inflation rises to 10.9%
Inflation rises sharply during the late 1980s, with annual all-items RPI inflation averaging about 4.9 percent in 1988, 7.8 percent in 1989 and 9.5 percent in 1990.
At 10:30 AM on 16 September, the British Government announced a rise in the base interest rate from an already high 10 to 12 percent to tempt speculators to buy pounds.
By 7:00 that evening, Norman Lamont, then Chancellor, announced Britain would leave the ERM and rates would remain at the new level of 12 percent
Despite this and a promise later the same day to raise base rates again to 15 percent, dealers kept selling pounds, convinced that the Government would not stick with its promise.
The United Kingdom is forced to leave the Exchange Rate Mechanism (ERM) on "Black Wednesday" when billions of pounds are lost defending the currency's value.
The Government announces a rise in the base interest rate from an already high 10 to 12 percent in order to tempt speculators to buy pounds, despite this and a promise later the same day to raise base rates again to 15 percent, dealers keep selling
The recession that had started just before Major came to office is declared over when the first quarter of the year had seen economic growth return for the first time since the second quarter of 1990
Only 15 deep coal mines remain at the time of privatisation in 1994
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