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The Thatcher years in statistics | The Thatcher years in statistics |
(7 days later) | |
Margaret Thatcher's premiership was a time of immense social and economic change. | Margaret Thatcher's premiership was a time of immense social and economic change. |
Elected just after the industrial unrest of the "Winter of Discontent", she embarked on a tough reform programme with the top priorities of tackling inflation and the unions. | Elected just after the industrial unrest of the "Winter of Discontent", she embarked on a tough reform programme with the top priorities of tackling inflation and the unions. |
She presided over a shift from centralised, state-controlled institutions to privatisation and economic reform. | She presided over a shift from centralised, state-controlled institutions to privatisation and economic reform. |
But her policies divided the country as the service sector and home ownership boomed, but manufacturing declined and unemployment rose. | But her policies divided the country as the service sector and home ownership boomed, but manufacturing declined and unemployment rose. |
Below are some key indicators of Mrs Thatcher's years in power, May 1979 - November 1990, with the three preceding and following years for context. | |
One of Margaret Thatcher's first goals was taming inflation which had reached dizzying heights of over 25% in the mid-1970s. | One of Margaret Thatcher's first goals was taming inflation which had reached dizzying heights of over 25% in the mid-1970s. |
The incoming Conservative government raised interest rates sharply and brought in tough public spending curbs. | The incoming Conservative government raised interest rates sharply and brought in tough public spending curbs. |
A recession followed and unemployment shot up. This also led to reduced wage demands and a slowing of the rate of inflation, although this crept up once more in the boom of the late 1980s. | A recession followed and unemployment shot up. This also led to reduced wage demands and a slowing of the rate of inflation, although this crept up once more in the boom of the late 1980s. |
Unemployment had been rising throughout the 1970s as companies set about restructuring and modernising their businesses. | Unemployment had been rising throughout the 1970s as companies set about restructuring and modernising their businesses. |
But it picked up speed after the Conservatives took power in 1979, rapidly rising to over three million out of work in 1983. | |
Unemployment hit hardest in Northern Ireland, where one in five people was out of work in the early 1980s, along with the industrial areas of northern England and Scotland. | |
An economic boom later in the decade helped to bring unemployment down, but it was a slow process. | An economic boom later in the decade helped to bring unemployment down, but it was a slow process. |
Against this backdrop of high unemployment, the Coal Board announced in early 1984 that 20 uneconomic pits would have to close, putting 20,000 miners out of work. | Against this backdrop of high unemployment, the Coal Board announced in early 1984 that 20 uneconomic pits would have to close, putting 20,000 miners out of work. |
It was the government's second attempt to close these pits, after a climb-down in 1981. | It was the government's second attempt to close these pits, after a climb-down in 1981. |
Miners at the endangered Cortonwood colliery in Yorkshire walked out on 5 March 1984 in protest at the plans. Within a week, more than half the country's miners were on strike. | Miners at the endangered Cortonwood colliery in Yorkshire walked out on 5 March 1984 in protest at the plans. Within a week, more than half the country's miners were on strike. |
The dispute lasted a year and led to conflict not only with police but between miners who supported the strike and those who did not. | The dispute lasted a year and led to conflict not only with police but between miners who supported the strike and those who did not. |
When the miners returned to work, the pit closure programme continued. | When the miners returned to work, the pit closure programme continued. |
Inflation was running at more than 25% at times in the 1970s, so a key tenet of the incoming Conservative government was to bring it down. | Inflation was running at more than 25% at times in the 1970s, so a key tenet of the incoming Conservative government was to bring it down. |
However tough budgetary measures meant that growth suffered in Mrs Thatcher's first term, with a deep recession in the early 1980s followed later in the decade by a boom. | However tough budgetary measures meant that growth suffered in Mrs Thatcher's first term, with a deep recession in the early 1980s followed later in the decade by a boom. |
The base rate was then set by the government rather than the Bank of England itself, meaning the government could use it as a tool in their economic policies. | The base rate was then set by the government rather than the Bank of England itself, meaning the government could use it as a tool in their economic policies. |
In November 1979, the government raised interest rates to 17% in order to tackle inflation This harmed manufacturing industry and exports, but did eventually have the desired effect on inflation. | |
However the base rate was pushed up again towards the end of Mrs Thatcher's last term in office to curb inflation, which was stoked by rising house prices. | However the base rate was pushed up again towards the end of Mrs Thatcher's last term in office to curb inflation, which was stoked by rising house prices. |
For Margaret Thatcher, home-ownership was a right, and one which which she believed should be extended to council house tenants. | For Margaret Thatcher, home-ownership was a right, and one which which she believed should be extended to council house tenants. |
One of the first acts of her government was to launch a Right to Buy policy which came into force in 1980. | One of the first acts of her government was to launch a Right to Buy policy which came into force in 1980. |
It allowed local authority tenants to purchase their council house at a discount of up to 70%. More than a million took up the offer under her premiership and a version of the scheme is still running today. | It allowed local authority tenants to purchase their council house at a discount of up to 70%. More than a million took up the offer under her premiership and a version of the scheme is still running today. |
As home ownership grew, house prices also rose, climbing 32% in the year to March 1989. This growth would be followed by a slump during the recession of the early 1990s, under John Major's government. |