Dates
The year that the UK joined the EEC
What is 1973?
This prime minister implemented a "pain before gain" approach
Who is Margaret Thatcher?
This controversial policy stipulated equal subsidies to farmers inside of the EEC
What is the Common Agricultural Policy?
In this approach, the government decreases spending while increasing taxes
What is austerity (can also accept: what is balancing the budget)?
This policy caused every person to pay an equal tax for housing and led to the downfall of Thatcher
What is the Community Charge (or poll tax)?
The year the budget was balanced
What is 1987?
This prime minister was committed to joining the Euro
Who was Blair?
This policy did not work in the UK due to the Gulf War, a recession, and German reunification
What is the Exchange Rate Mechanism?
Sub-prime loans could not be paid back, causing a recession
What is the credit crunch?
Thatcher bans this practice during the Employment Acts by not allowing workers to strike at unrelated locations
What is secondary picketting?
What was 1970-1987?
This prime minister favored both austerity and increased spending
This event helped contribute to Brexit and resulted from the 2008 financial crisis, financial inflexibility in the Euro, and government corruption
What is the 2010 Euro Crisis?
The practice of a Central Bank buying bonds to increase lending and the money supply and lower interest rates
What is quantitative easing?
This was the result of Thatcher's policy of reducing bureaucracy and increasing interest rates
What is unemployment?
What was 1990?
This prime minister could not make up their mind on the ERM
Who is Major?
This was said to be the consequence of every country having its own exchange rate and separate regulations
What is Eurosclerosis?
A measure of inflation that excludes volatile prices like food and oil
What is underlying inflation?
This global event caused instability in the UK that was separate from the rest of the EU
What is the Gulf War and OPEC 1?
The Full Employment Policy
What was 1944-1970?
This prime minister did not successfully deal with the miners' strikes in the 70s
Who is Heath?
This was the organization that Thatcher favored for trade over the EEC
The practice of separating banking sectors (retail and investment) as well as increasing capital and loss-absorbing assets
What is ring fencing?
The miners in the 1984-1985 strike responded using this to taunts from truck drivers breaking picket lines
What are molotov cocktails?