Economy under Thatcher

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The Economy – an overview.

·         The firm policies of the Thatcher governments ensured that industry had to shed the wasteful practises and over manning that had been part of the economic landscape for years.

·         Increases in unemployment meant that British industry was more efficient and streamlined, and able to compete better on the world market.

·         Between 1979 and 1989 manufacturing productivity grew at 4.2% per year, the highest rate in the highest rate since WW2, and the highest rate in much of Europe.

·         Deregulation and privatisation had undoubtedly put more money in more people’s pockets, at least in the short term. The economy began to recover due to spending and the start of a consumer boom.

·         British industry moved away from manufacturing and towards the service sector.

·         New credit enabled thousands of small businesses to be set up, and many people became self employed.

·         As a nation Britain stopped producing things and in time companies became owned by foreign nations or businesses

·         . In time, also, people became saddled by


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