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This article presents a timeline of events in the history of the United Kingdom from 1970 until 1989. For a narrative explaining the overall developments, see the related history of the British Isles .
At the beginning of the 20th century the national debt stood at around 30 percent of GDP. [5] However, during World War I the British government was forced to borrow heavily in order to finance the war effort. The national debt increased from £650 million in 1914 to £7.40 billion in 1919. [7] [failed verification]
Like other sovereign debt, the British national debt is rated by various ratings agencies. On 23 February 2013, it was reported that Moody's had downgraded UK debt from Aaa to Aa1, the first time since 1978 that the country has not had an AAA credit rating. [12] This was described as a "humiliating blow" by Shadow Chancellor Ed Balls. George ...
Government borrowing for debt (10-year bond) increased to over 15% in the 1970s and early 1980s. The 1973 oil crisis caused an increase in the price of Brent Crude. Initiation of the inflationary cycle is traced to Anthony Barber's 1972 budget which was designed to return the Conservatives to power in an election expected in 1974 or 1975.
This is a timeline of British history, comprising important legal and territorial changes and political events in the United Kingdom and its predecessor states. To read about the background to these events, see History of England, History of Wales, History of Scotland, History of Ireland, Formation of the United Kingdom of Great Britain and Northern Ireland and History of the United Kingdom
In order to maintain the real value of these benefits in the long term, the government introduced legislation which linked future increases in pensions to higher incomes or wages. [1] In 1974–1975, social spending was increased in real terms by 9%.
The system of smuggling finished products into the continent undermined French efforts to ruin the British economy by cutting off markets. The British budget in 1814 reached £66 million, including £10 million for the Navy, £40 million for the Army, £10 million for the Allies, and £38 million as interest on the national debt.
Established in 1694 to act as the English Government's banker and debt manager, and still one of the bankers for the government of the United Kingdom, it is the world's second oldest central bank. [3] The bank was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946 by the Attlee ministry. [4]