10 Questions
What event preceded a financial downturn in the UK in 1956?
The Suez Crisis.
What was the response of the United Nations to the invasion of Egypt by Britain, France, and Israel in 1956?
International condemnation and threat of sanctions.
What was the annual inflation rate in the UK in early 1956, as measured by the Consumer Prices Index including owner occupiers’ housing costs (CPIH)?
Around 7%.
In which year did the oil crisis lead to a subsequent economic downturn?
What was the main reason for higher inflation during the oil crisis in 1973?
Higher oil prices.
What was the outcome of the Suez Crisis in 1956 for the UK's financial situation?
The Suez Crisis in 1956 preceded a financial downturn in the UK, with tens of millions of pounds being used from UK reserves and the prospect of sterling being devalued.
How did the Bank of England respond to the financial situation in the UK in 1957?
The cost of borrowing rose as the Bank of England base rate was raised from 5.0% to 7.0% in September 1957, double the rate seen in early 1955.
What were the impacts of the oil crisis in 1973 on the economy?
The oil crisis in 1973 and subsequent economic downturn was linked to higher inflation because of higher oil prices.
What was the annual inflation rate in the UK in early 1956, as measured by the Consumer Prices Index including owner occupiers’ housing costs (CPIH)?
Indicative modelled data suggest by early 1956 annual inflation reached around 7%, as measured by the Consumer Prices Index including owner occupiers’ housing costs (CPIH).
How did the international community respond to the invasion of Egypt by Britain, France, and Israel in 1956?
International condemnation followed the invasion of Egypt by Britain, France, and Israel in response to the nationalisation of the Suez Canal Company, with the threat of sanctions from the United Nations.
Test your knowledge of the economic impact of the Suez Crisis in the UK with this quiz. Explore how the invasion of Egypt in 1956 led to financial repercussions and international condemnation.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
