Home > Conservative, Labour, Liberal Democrat, Main Blog - General, Military, UK Politics > 11 Years of Margaret Thatcher. A video diary.

11 Years of Margaret Thatcher. A video diary.

On May 3 1979, exactly 30 years ago today, there was a General Election in Britain. That election produced an irreversible cultural change.

The election of Margaret Thatcher.

She inherited

A nation being destroyed by strikes
A nation in massive debt
High inflation
Crippled industry
Crippled public services
A World Pariah

Within one term it had been turned around

In 1984 the IRA tried to assassinate the Prime Minister in the most dramatic way possible

Her confidence inspired British confidence and changed the Country from one where only 5% of people used to own shares, to a nation where 25% owned shares. She called it ‘popular capitalism’.

And it won her a 3rd General Election victory

During this term she cut the basic rate of tax from 33p to 25p, the top rate of income tax from up to 70 to 40%, repaid national debt, set about freeing schools from local authority control and started a World Conference on global warming that saw the ban of CFCs in fridges.

Her own party however betrayed her.

Labour called a motion of no confidence in the Government, which led to this defence of her record:-

A brilliant record at home of freeing industry, cutting taxes (lesson for GOP – where prudent), creating the culture of popular capitalism.

An outstanding record of standing up in the World, serving as a Superpower between the US and the USSR.

No one else has managed to pull that off.

If the US Republicans want to learn about how to return to office, they could do well to look at what Margaret Thatcher achieved. Where they are deeply mistaken is in associating the Conservatism with hers. They need to dump the Religious right and get back to popular capitalism. It is a mantle that President Obama seems willing to take up.

If you carry the people with you you will be successful. It is a simple lesson. Wealth creation needs to be at all levels and everyone must feel part of it.

They tax cutting popular capitalist has not been them but President Barrack Obama, who already has cut taxes for those with the lowest incomes.

His tax cut of $282 billion is the largest in history, pushing the meme that he is a tax and spend Liberal will blow up in their face.

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