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Aims and policies of Thatcherism - Coggle Diagram
Aims and policies of Thatcherism
Privatisation
Cut out the loss making government industries such as BT, British Gas and British Airways
Promoted competition and innovation within England
Revenue from the sale and further tax revenues
Increase in employee share ownership, incentivises to work harder
Deregulation
'Big Bang' of financial markets due to commercial ownership of banks
Removal of exchange rate control move to a floating exchange rate, increased overseas investment although importing more
London became the financial centre of the world, although rise in private household debt
Cutting taxation and government spending
In response to failed reducing the supply of money
Removal of government subsidies from failing inefficient industries such as mining and film making, eg. 1985 Film Act
However.. riots and strikes due to removal of manufacturing subsidies. Eg. Mining Strike and Riots in Liverpool due to rising unemployment (mass unemployment hit 3m for first time since depression)
Inflation in single figures by 1982
Income tax actually rose from 31-37% on average
Assault on the unions
Reduce the power of TU to reduce socialism
Range of employment acts passed, 1980- Could only strike if directly employed, 1982- sued for illegal strikes, 1984- strikes had to be approved by the majority
This undermined the power of TU with members declining from 13.5m before Thatcher to 10m during, however lower quality of life from no TU miners in particular struggle, 1984 Miner Strike