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Britain Transformed A-Level History Thatcher Summary Notes: Economics £3.48
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  3. PEARSON (PEARSON)
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  5. History 2015
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  7. Unit 1H - Britain transformed, 1918-97 (8HI01H)

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Britain Transformed A-Level History Thatcher Summary Notes: Economics
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Edexcel Paper 1 A-level History notes which summarise the textbook chapters. The notes roughly summarised and paraphrased are intended to aid ones revision for the exam. In order to receive the most out of this, I would recommend creating flashcards from them and using as prompts instead of the tex...

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  • July 6, 2023
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Thatcher: Economic policies

Thatchers beliefs
Conviction politician
Rejecting consensus politics
unlike Home, MacMillan and Heath

Working for your living
no one should depend on welfare state, except most vulnerable- everyone should work to
make a living

Hard work to be rewarded
low income taxes

Individual enterprise
foster a new generation of entrepreneurs, to role back the state

Economic efficiency
with a purpose to make a profit, cannot work with wasteful gov And critical of unions

Rule of law- people obey law trusting it can protect their rights
against radical forms, promoted elections, which were un democratic and lawless such as
unions, feminist groups, black rights, against collective ridges

Nationalism
civilised values of hard work rights and democracy which should be celebrated. Disliked
those which criticised in institutional racism or sexism from womens liberation. Opposed
interference in affairs with other countries.

Origins
humble origins, dad shopkeeper, grammar school, oxford




Monetarism 80-82

💹 Control inflation vs previous govs with focus on full employment




Thatcher: Economic policies 1

, Taxation (Cuts)
Howe raised VAT from 8% to 15%

Standard rate of income tax from 33% to 30%

Top rate 83% to 60%

Incentive for people to work hard

Hit poor harder than the rich, took bigger rate of income.

Dramatic drop for rich




Spending cuts
Public spending dropped from £11bn in 1980 to £9bn in 1981

1981 deflationary budget

Tax on North Sea oil and one-off windfall tax on banks

Taxes in total went up by £4bn

Cuts in education and health and benefit increases downgraded.

364 economists wrote to the times protesting

Labelled as ‘sado-monetarism’

Budget softened in July 1981, cabinet rejected a further £5bn spending cuts

During the recession




🚢 North Sea Oil- became one of major sources of income for gov. 1983-85- £41bn.
Double Thatcher’s first term. Helped finance gov policies eg unemployment
benefit and tax cuts




Nationalised industry 79-82
Want for efficiency, independence from gov, free markets in nationalised industry



Thatcher: Economic policies 2

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