ECONOMIC

• By 1900, Britain controlled more than half of all global trade.
• Britain had an extensive network of trade links across the globe, which helped to boost Britain’s economy
• The British Empire was the largest empire in history, with over one quarter of the world's population living under its rule
• In 1905, Lloyd George introduced old age pensions which provided £3 per week to those over 70 who had paid national insurance contributions for at least ten years.
• Lloyd George also introduced unemployment insurance in 1911 which gave workers up to 26 weeks pay if they lost their job through no fault of their own.
• Britain as now known for invisible exports such as banking
• Britains balance of payments was in a surplus until the great depression
• Capital investments abroad into US railways became a source of income
• BY 1881 people such as the fair trade league wanted protectionism back due to foreign contest- neither Salisbury or Gladstone sccumbed to this group
• Joseph chamberlain suggested imperial prefrence to promote sale of british goods by lowering import tarrifs on them into colonies
• The Boer war cost £207 million and led to an increase in national debt
• Chamberlain's tariff reform failed because it would have meant higher prices for consumers, so he resigned from cabinet