This website uses cookies to ensure you have the best experience. Learn more

To What Extent Did Margret Thatcher Impact The British Economy

2099 words - 9 pages

A. Plan of Investigation
The purpose of this investigation is to analyze to what extent did Margret Thatcher, the prime minister of the United Kingdom, impact Britain's economy from 1997-1990. This analysis will look at themes revolving around her impact on the trade unions, tax rates, her impact on unemployment in the UK and her role in the Lawson Boom in the 1980s. However, how other neighboring countries besides the US were affected when Margaret Thatcher came to power will not be investigated. In order to research these themes, news articles in BBC will be used to help find how Margret Thatcher changed Britain and its economy. In Addition, books such as the "No Such Thing as Society" and other online journals will be used. This investigation will include an evaluation of the origin, purpose, value and limitations of the sources used for research.
B. Summary of Evidence
Tax Rates
• Tried hard to tame inflation, controlled public spending. "Getting people to believe inflation would fall, and so reduce their wage demands, was the aim" (Pym Hugh)
• Economic policy was known as Monetarism ("Thatcher's economic policies")
• Reduce it by placing higher interest rates and enforcing higher taxes and spending cuts (Smith David).
• Income tax was cut from 83% to 60% and the standard rate of income tax was cut from 33% to 30% (McSmith Andy, 25).
• Thatcher believed in the freedom of entrepreneurs (Laissez-faire) to create wealth through their own companies (Pym Hugh)
• "Reduce inflation running at over 20% in 1979, reduce budget deficit, increase efficiency of economy, and reduce power of trade union". (Pettinger Tejvan)
• Pound valuable: worth $1.63 but after a total of five years, the pound was worth $2.42 (McSmith Andy, 25).
• British businesses: become more competitive with their prices (Pettinger Tejvan).
• VAT (Value added tax) was increased but not doubled (McSmith Andy)
• Public spending increased: Thatcher was able to increase public spending from 44.3 to 47.3 percent (McSmith Andy).
Trade Unions
• Labor markets were "rigid, inflexible, and in many ways uncompetitive" (Pettinger Tejvan).
• 1980: trade union membership fell (Pettinger Tejvan)
• She ended the right to secondary picketing, closed shops, compulsory ballots. There was also a decline in trade union power and British manufacturing (Adam Taylor)
• economy lost around 62,000 worker years of production (Taylor Adam)
• British rate of lost production: 150% higher than in the United States.
• Lost of production: less than 5% when Thatcher came to power (1970) (Taylor, Adam)
Unemployment:
• GDP & unemployment: 3 million (1980). (Pettinger Tejvan)
• Housing market: "home owning democracy" idea. 1980s: home ownership rates rose. Therefore. Council houses were bought by tenants. (Pettinger Tejvan)
• 1980s: unemployment was over 2 million (Pettinger Tejvan)
• unemployment rate decreased to 7.1% (Adam Taylor)
Lawson Boom:
• 1985: UK economy grew rapidly...

Find Another Essay On to what extent did Margret Thatcher impact the British Economy

To What extent did the US escalate the Cold war?

2211 words - 9 pages points, and a general overview of the war, clearly puts one in the argument to state that the US were the reason behind the escalation of the cold war. To what extent though? We will further discuss. As we skim through the history pages and read page after page of the cold war and the continued conflict between the USSR and the US, we are forced to think over who was doing what and to what extent?There were several events and episodes which were

To What Extent Should Debt Be Justified In The Economy?

1005 words - 5 pages had drastically weakened the American Economy. President Franklin Roosevelt was elected based on his economics platform of a "New Deal". His idea was to create a central bank to control interest rates, and be more fiscally involved. He did this by following Keynesian economics and going into debt to create social programs and work programs that improve infrastructure. The work programs paid off and unemployment dropped from 25% in 1934 to 12% in

To What Extent Did the Nazis Establish a Volksgemeinschaft?

4075 words - 16 pages Volksgemeinshcaft where all classes were equal to the extent that the society became classless was manifestly not achieved. German agriculture did not have the economic power to compete with other sectors of the economy and, as there were limits to Nazi interventionism and economic regulation, it faced a severe labour shortage. The Economy itself was subject to coordination toward the Volksgemeinschaft and was to be coordinated toward the ideal autarkic

To what extent did the revolutionaries create a new society?

995 words - 4 pages In the case of Russia, the revolutionaries who attempted to create a new society were the Bolsheviks leaded by Lenin after the October Revolution in 1917. After the seizure of power, Lenin and the Bolsheviks created a new society in Russia to a large extent. They moved to eradicate the old order and all the old vestiges of the pre-October 1917 society and replace them with a new one, despite minor residue of the old order. The creation of a new

To what extent was Mahatma Gandhi the reason the British Empire gave up imperial control?

620 words - 2 pages To what extent was Mahatma Gandhi the reason the British Empire gave up imperial control?On 15th August 1947, India finally escaped away from the rule of the British. Mahatma Gandhi, 1869-1948, was the leader of Indian Nationalism in British-ruled India. Before Gandhi was born, British started ruling India at 1858. They took control of the cotton industry and traded it as their own and used violence to control the 500 million Indians. When

To what extent should the government intervene in the economy to protect the public interest?

1429 words - 6 pages people have the freedom and individualism to do as they wish like in Capitalism. Some people believe that governments have a responsibility to protect the public good by regulating the activities of the private sector in the economy. Others support deregulation, believing that government intervention in the economy is really interference. The question is to what extent should the government intervene in the economy to protect the public interest? I

To what extent did economic considerations influence the American decision to go to war in Korea?

2267 words - 9 pages Although Acheson's "Defensive Perimeter" speech in Jan 12, 1950 did not include Korea, when the war broke out the US was involved immediately. The aim of this investigation is to find out to what extent did economic reasons influence the USA's decision to go to war in Korea. The main sources will be books that relate to the Korean War. Internet sources will be used if it is necessary for the summary of evidence. In B, the changes of the American

To What Extent did the Actions of Germany Lead to the Globalization of The Great War?

2113 words - 9 pages Section A: Plan of Investigation Word Count: 175 The exact nature of how the First World War not only started, but developed into a global conflict has been debated since July of 1914. This investigation will focus on the question, to what extent did Germany cause the globalization of the Great War? To answer this question, this study will look at various theories and

To What Extent is the Proposed Scottish Split from British Rule Beneficial for Either Country?

3522 words - 15 pages To what extent is the proposed Scottish split from British Rule beneficial for either country? The economical bond between England and Scotland has stood since the Acts of Union in 1707. Years of undivided companionship have convinced the majority of the world that there are no borders separating the U.K countries. This, it seems, has taken its toll on the Scottish Government. As after centuries of companionship they have decided to follow

To what extent did anti-foreign sentiment contribute to the collapse of the Qing Dynasty?

2355 words - 10 pages of China. No longer were war junks a match for armed steamers and modern cannon.9 Furthermore, the rulers believed that the foreigners had no intention to take the Mandate of Heaven therefore did not present a fundanmental menace. It was assumed that the foreign powers would leave in the near future so the court allowed what became to be known as the treaty port system, granting concessions to foreigners to establish settlements, with their own

To what extent did economic problems contribute to the collapse of the Weimar Republic?

1859 words - 7 pages November 1918 would inevitably fall as a result of numerous issues. However, the extent of which economic problems had in the dissolution of the republic, and how these issues caused or came about due to separate concerns faced by the new democratic system became a major contributing factor. Economic problems were evident before the new constitution was even drawn up, and already the new republic faced a host of problems upon proclamation

Similar Essays

To What Extent Did Realism In Photography Impact The Public Opinion Of The Civil War

2081 words - 9 pages A. PLAN OF THE INVESTIAGTION This investigation explores to what extent did realism presented by photography impact the public opinion of the Civil War? The Civil War was the pioneer war in terms of actively using photography as a means of recording. The investigation focuses on photography’s role in capturing the war at face value. Photos of major battles and scenes that exposed citizens to the reality of war will be analyzed, as well as how

To What Extent Did Women Make An Impact On The French Revolution?

2016 words - 9 pages : to what extent did women make an impact? In Thomas Streissguth’s book, Women of the French Revolution, he highlights several women of France, while also analyzing their contribution to the course of the revolution. With his book as a major source, the investigation will explore the topics of women’s riots and salons, individual women, and women as a whole. Section B: Summary of Evidence In the summer of 1788, France was on the brink of

To What Extent Did The Japanese Threat Have An Impact On The Outcome Of The Power Struggle Between The Communists And The Kuomintang?

1158 words - 5 pages the point at which we can start to evaluate the impact of the power struggle between the Communists and the Kuomintang. Chiang Kai Shek did not want war with Japan as he believed it to be just too powerful to overcome. He stated instead that China must unite as a whole and together it would be able to defeat the Japanese. Ironically the communists were about the same theory in defeating the Japanese. They believed in cooperation, and that they

Essay On Stalin's Regime: To What Extent Did Stalin's Rule Have A Devastating Impact On The Soviet Union And Its People?

1437 words - 6 pages peasants and workers to become involved in the running of the USSR.Industrialization had a devastating impact on the people of the Soviet Union, although the country benefited from the modernization. In 1927 the Gosplan (the state planning commission) developed a series of plans to drastically transform the economy. These plans aimed to ensure that the workers reached certain goals. Industry, agriculture, energy, public services, housing, railways