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…