Loved or Hated Margaret Thatcher Politics Essay

Published: 23, March 2015

Most people say that you either loved or hated Margaret Thatcher. But the truth is that you could feel both ways about her, often at the same time. Margaret Thatcher was a stateswoman in the fullest sense of the word. She ended socialism in Britain and revived the British economy. She even won the Falklands war and radically changed British society. Some would even say that she created the world we live in today. Has the legacy of Margaret Thatcher any influence on British society today? How important was the "Iron Lady" to Britain?

The British inflation was in 1975 up at 24, 11% [1] and with the union's constant claim for higher salaries, nobody expected it to drop to a normal level. In 1976 it still did not help and in the same year they had to take a loan in the International Monetary Fund (IMF) [2] . When Margaret Thatcher won the general election in 1979, she became Prime Minister of a land in chaos. The British top tax rate was 83% and on unearned income the rate was 98% [3] and the bottom rate was 65%. The first thing Margaret Thatcher needed to deal with as a Prime Minister was the inflation and tax rates. She lay out a political program that should prevent a raise in salaries and in public spending. It did not matter whether you were rich or poor; you were paying most of your money in taxes. When Margaret Thatcher left the office in 1990, the top rate was now only 40% [4] . Margaret Thatcher fought for minimizing the tax rates and allowed business to boom in Britain.

Margaret Thatcher believed in free competition and a reducing of the government power. She radically changed British society. Margaret Thatcher's policies of free enterprise, privatization helped modernize Great Britain's economy. Her policies of home ownership, share ownership and less government led to a rise in home-ownership rates [5] . Margaret Thatcher privatised many national owned industries through the 1980's. A reduction of the public sector would...