[QUOTE=torledo;475757Was wondering how long before thatcher cropped up. [/QUOTE]
Yep and its always the same record; "It was Thatcher that did x, y and z". Its not like Labour havnt had time to put things right.
From Wikipedia - [ so NOT set in stone ]
Margaret Thatcher became Prime Minister with a mandate to reverse Britain's economic decline. Thatcher's political and economic philosophy emphasised reduced state intervention more free markets, and more entrepreneurialism. She once slammed a copy of Friedrich Hayek's The Constitution of Liberty down on a table during a Shadow Cabinet meeting, saying, "This is what we believe." Thinkers closely associated with Thatcherism include Keith Joseph, Enoch Powell, Friedrich Hayek and Milton Friedman.
Thatcher's political and economic philosophy emphasised reduced state intervention as well as free markets and "entrepreneurialism". She vowed to end excessive government interference in the economy and attempted to do this through privatizing nationally-owned enterprises. After the James Callaghan government had concluded that the Keynesian approach to demand-side management failed, Thatcher felt that the economy was not self-righting and that new fiscal judgements had to be made to concentrate on inflation. She began her economic reforms by increasing interest rates to slow the growth of the money supply and thus lower inflation. In accordance with her "less government intervention" views she introduced public spending cuts particularly on social services such as health care, education, and housing. She also placed limits on the printing of money and legal restrictions on trade unions.
By January 1982 the inflation rate had fallen to 8.6% from earlier peaks of 18%. By 1983 overall economic growth was stronger, while inflation and mortgage rates were at their lowest levels since 1970. The term "Thatcherism" came to refer to her policies as well as aspects of her ethical outlook and personal style, including moral absolutism, nationalism, interest in the individual and an uncompromising approach to achieving political goals.
After the 1983 election, the Conservative majority expanded, Thatcher continued to enact her economic policies. The UK government sold most of the state's large utilities. The policy of privatisation was a main component of Thatcherism. When Thatcher was forced to resign as British Prime Minister in 1990 British economic growth was on average higher than the other large EU economies (Germany, France and Italy). However this was accompanied by poor social conditions compared with the rest of the EU.
The price of these economic policies was high unemployment that embarrassed the Thatcher government so much that the definition of unemployment was changed 31 times in order to come up with lower figures. Despite this, the official rate of unemployment in the United Kingdom increased to 9.1% in the years 1979-89 after it had been 3.4% between 1973-79 and 1.9% between 1960-73.
In 2001 Peter Mandelson, a Member of Parliament belonging to the British Labour Party and closely associated with Tony Blair, famously declared that "we are all Thatcherites now." In reference to contemporary British political culture it could be said that a "post-Thatcherite consensus" exists with regard to economic policy. In the 1980s the now defunct Social Democratic Party adhered to a "tough and tender" approach in which Thatcherite reforms were coupled with extra welfare provision. Neil Kinnock, leader of the Labour Party from 1983–1992, initiated Labour's rightward shift across the political spectrum by concurring largely with the economic policies of the Thatcher governments. The New Labour governments of Tony Blair have been described as "neo-Thatcherite" by some since many of their economic policies mimic those of Thatcher.
Most of the major British political parties[who?] today accept the trade union legislation,[neutrality is disputed] privatisations and general[clarification needed] free-market approach that Thatcher's governments installed. By 2009 no major political party in Britain was committed to reversing the Thatcher governments' reforms of the economy.
Last edited by mattx; 10th March 2010 at 02:53 PM.
Don't forget that if you keep applying for cards/loans that also effects your credit status as I found the hard-way!!
As for personal loans, they advertise at 7% but more are like 20% and thats with a good credit rating!
I think the biggest problem is that all those who complain about that era are just as much beneficiaries of the savings and investments revolution. Infact, we all are. Whether it's buying cars on finance, buying corporate bonds or investing in countless other financial products, gearing to invest in property, shares from demutualisation and privatisations [probably long since sold at a fat profit]...i could go on.
haha. I posted my last post and then read your wikipedia link and noticed the mandleson 'were all thatcherites now' line.
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