BOOKLET 4 - 1970s

• 1971 - decimalisation of the currency 
• 1973 - OPEC oil crisis 
• 1973 - British entry into EEC
• 1973 - 3 day working week
• 1974 - Wilson elected
• 1975 - 'yes' vote in EEC referendum
• Oct 1974 - Rise of inflation due to economic crisis - inflation was running at 24% on average 
• 1975-76 - continued inflation (26.9% by August)
• 1975-76 - IMF loans crisis 
• 1976 - sudden resignation of Wilson
• 1976 - lib-lab pact
• 1978-79 - Winter of Discontent 
• Macleod - meant to be chancellor but died July 1970
• Heath was seen as prickly - good at policy, not at politics
• free market program drafted - helped champion free enterprise & personal choice - Jan 1970
• 'Selsdon man' - new type of Conservative voter who wanted moe control over his own affairs
• Wilson referred to the idea of 'Selsdon man' as designing a system for the ruthless & the uncaring
• 1973 - VAT introduced
• development of tax credit scheme 1971-72 signaled U-turn of the selectivity agenda
• tax credit scheme scrapped by Labour in 1974
• Local government act 1972 - updated local gov boundaries so minimum population for districts was 40,000
• North sea oil - 1977
• National debt of GDP increased from 54% in 1974 to 62% in 1976
• National Enterprise Board set up in 1974