James Ramsey MacDonald7 August 1930
Unemployment reaches 2,000,000
Great Britain · Government / Labour Party Government. Chronological records rendered directly from the World History Database.
Unemployment reaches 2,000,000
The May Report announces a budget deficit of 120 million pounds
The Cabinet splits over the need for economy cuts
Resigns to head a National Coalition Government & seek general financial confidence
Agrees to the economic union of US & British occupation zones in Germany
Dalton nationalizes the Bank of England
Dalton is forced to suspend the convertibility of the pound
Exchange controls are removed, a trade surplus changes to a deficit
Brown was appointed to the newly created Department of Economic Affairs and Deputy Prime Minister in October 1964 hoping to institute long-term economic planning and remove some of the power of the Treasury
Brown was told that the budget deficit for the coming year was forecast at pounds 800 million, double what the Labour Party had predicted as the worst possible figure before the election, leading economic ministers were presented with three options,
including devaluation of the pound sterling, to meet the crisis, they decide on a temporary surcharge on imported goods.
A run on the pound causes Wilson to ask Johnson for an International Monetary Fund loan, Johnson is non-committal
The Department of Economic Affairs releases its 1st National Plan
The National Plan aimed to achieve a 25 per cent increase in the national product between 1964 and 1970 at a growth rate of 3.8 per cent per annum compound
The National Plan is a summary of action required to improve the balance of payments & secure rapid and sustained growth, (I) Government spending overseas on defence has to be cut quite drastically and aid to developing countries restrained until the deficit is eliminated, (2) Private investment abroad to be
cent in real terms from 1964 to 1970 to achieve the increase in capacity and the growth of productivity required for the additional exports and import reduction.
cut, reducing the net outflow of private capital by pounds 150 million next year (3) The Little Neddies have to work out schemes by which output per head can be increased, imports saved and exports boosted, fiscal restraints on imports (4) Manufacturing investment to be increased by about 7 per
After the 1966 general election at which Labour won re-election with a Parliamentary majority of 96, the Government was hit by a severe financial crisis the question of devaluation is raised again, with Brown now strongly supporting it, but Harold Wilson was firmly opposed, preferring a set of deflationary measures including spending cuts and interest rate rises, Brown believed that these measures would damage the economy
The pound is devalued from $2.80 to $2.40
Sterling is strong, trade in surplus & the bank rate down to 6%
British Prime Minister Harold Wilson endorses the I'm Backing Britain campaign for working an additional half hour each day without pay
The TUC rejects Statutory Incomes Policy & approves voluntary wage restraint
The trade unions rebel against her proposals to reduce their powers in her 1969 white paper, "In Place of Strife". Submits plans to force unions to call a ballot before a strike was held and establishment of an Industrial Board to enforce settlements in industrial disputes, produces Cabinet splis & never realized
The National Economic Board publishes, "The Regeneration of British Industry". Proposes to increase centrally planned investment through the National Enterprise Board
OPEC agrees to a 10 percent increase in the price of crude oil, triggers huge inflation
The British population agrees to European Common Market membership
The pound falls 27.6 percent against a basket of currencies. A "no panic" speech indicates complacency
Healey gives trade unions one week to accept a ten percent limit on pay increases.
Announces the Government's anti-inflation policy
Healey moves in the 2nd reading of a Bill to control pay increases, passed by 294 to 16.
Healey advocates higher taxation on upper incomes while using additional revenue to support poorer households.
Britain slashes welfare spending.
Britain slashes welfare spending
Britain slashes welfare spending as the Government announces major public expenditure reductions.
The British pound falls below the equivalent of $2 for the first time.
The British pound falls below the equivalent of $2 for the first time
The pound falls to $1.68
Britain applies to the International Monetary Fund for a loan of $3.9 billion
Britain applies for an International Monetary Fund loan of 2,300 million pounds
Britain applies to the International Monetary Fund for a loan of $3.9 billion.
Healey defends his measures to support the pound at the annual party conference.
The Government wins a majority of 13 in support its economic policy
Healey secures Commons support for the government’s economic strategy during the sterling crisis.
Announces in the Commons that the Governments inflation policy has been abandoned
Britains trade deficit in September is reported to be 365 million pounds
Britain begins offering tax breaks to owners of important works of art, inheritance taxes are spared in exchange for periodic viewing
Britain begins offering tax breaks to owners of important works of art, inheritance taxes are spared in exchange for periodic viewing.
Approval of the IMF loan strengthens confidence in Britain’s economic programme.
The monthly unemployment figures reach the highest since 1948
Misquoted in the press saying, "Crisis, what crisis?", returning from Guadaloupe
The Bank of England is made independent & free to set interest rates. Chancellor Gordon Brown gives the Bank of England the freedom to set interest rates
The Bank of England is granted its independence in the conduct of monetary policy & responsibility for setting interest rates, a policy devised by Ed Balls
The Bank of England cuts interest rates to 3.75%, lowest for 50 yrs
The FTSE-100 slumps to an 8 yr low
Finance minister Brown rules out British adoption of the EU euro, dashing Blair hopes of placing Britain "at the heart of the European Union"
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