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THATCHARISM 1979-1997 (THE FIGHT AGAINST INFLATION - MONETARISM (Thatcher…
THATCHARISM 1979-1997
INTRODUCTION
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1979: election Conservative Party victory, Thatcher became Primer Minister
In UK, Thatcherism is an attempt to establish a new political and ideological frameworkbased on a mixture of liberal and authoritarian New Right Ideas
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FISCAL POLICY
New emphasis on indirect taxation:
- fall indirect taxes -> income tax rates from 83% (1978) to 40% (1988)
Consequences
Rise in overall tax revenues, which helped lower the budget deficit
Higher gap between high & low earners. Income tax breaks favored high incomes, business people especially
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