· Rolling Back the State.
· Hand in hand with this new economic focus, Thatcher’s government well full steam ahead with policies of deregulation of the different markets.
- Credit and exchange controls were abandoned, making it easier to borrow money.
- Transport companies were deregulated to encourage competition, notably in buses.
- State schools were encouraged to opt out of local authority control and take responsibility for their own financing.
- Hospitals had to become more cost effective and not overspend.
- Council house tenants were given the right to buy their homes
· Because more people could now borrow money, many spent this on consumer goods and holidays. Between 1980 and 1989 Britain’s balance of payments deficit rose from £16 billion to £47 billion.
· The next logical step was to actually begin to privatise industries;
- 50 businesses were sold off during Thatcher’s premiership. They brought in huge revenues to the government.
- The aim was to increase ‘popular capitalism’ by making more ordinary people shareholders. Between 1979 and 1990 the number of shareholders in the UK…