Bus companies were deregulated to encourage competition. Cutting wsteful welfare payments as a way of saving public money and reducing dependency. Also, the money earnt did not go on long term infrastructure, rather on current spending and welfare payments. Thatcher’s First Term as PM Government can tax business and individuals.
The ‘Thatcher Revolution’ Financial services became an important export to the UK. Just as Thathcerites believed that private individuals were better at spending money than government, it was a core belief that the private sector was more dynamic and efficient than the public sector at running and delivering goods and services. Bus companies were deregulated to encourage competition. Cutting wsteful welfare payments as a way of saving public money and reducing dependency. That they were deliberately started or exploited by political troublemakers.
The government would interfere as little as possible in terms of legislation towards businesses, and therefore removed the thahcher tape’. It lead to investment and regeneration in some areas. Supply-side economics marked a shift of emphasis rather than a change in policy. Long-term trends shifted economic actvitiy to the cpursework, changing the face of many cities and towns. Profits encourage expansion or further investment into business.
The foundations of the working class and of the communities they lived in were crumbling.
Thatcher () – Revision Notes in A Level and IB History
Employees spend on goods and services produced by businesses. Government can tax business and individuals. The Thatcher government’s embraced this shift.
Such support kept her going when she said ‘this Lady’s not for turning’. The sale of British gas in became the biggest share offer in history, and was accompanied by a high profile advertising campaign seeking to maximise the purchase of shares by ordinary people, allowing the public to become shareholders.
Britain’s economy was moving away from being based on manufacturing and heavy idnsutry and becoming based on services. Encouraging competition coursewoork order to lower prices. However, in areas that had never known anything else but coal mines, shipyards and steelworks, people faced painful adjustments. Supply-Side Economics Although monetarism was never fully dropped as a policy, from the mids it was largely abadoned.
Businesses would compete with each other in the marketplace, which would encouarge improvements and innovation. This caused social and economic problems for Thatcher during her time as PM. In London, the Canary Wharf development on the old West India Docks became the second most important financial district in the country after the City of London, a symbol of the shift to the service industries.
To what extent were state intervention and the public sector ‘rolled back’? This economic realignment could also be seen in the urban decay of many inner city areas. That they were deliberately started or exploited by political troublemakers. Deregulation for businesses and low taxation encourages enterprise and entrepreneurship.
Michael Heseltine, who continued to argue for greater government intervention, spearheaded and redeveeloped the dockland areas of London and Liverpool. Also, the money earnt did not go on long term infrastructure, rather on current spending and welfare payments.
Government uses tax to support full employment. Chief policies within this included: What was the feeling of the riots causation? It was only with the greatest difficulty that the police eventually contained the trouble.
Instead, the government followed supply-side economics. Bus companies were deregulated to encourage competition. The other key element of supply-side economics was deregulation.
Economic Realignment Overall the economic realignment that resulted from Thatcher’s economic policies depended on perspective. Where did Thatcher leave privatisation in Britain? Between andthere were 9 million thhatcher amongst the British public, and 14 major British companies had been privatised.
Further privatisations, such as the coal indsutry and the railways wanted to be carried out, however this was left until later in the s. Chapter 6 -Thatcher and the end of consensus, Schools were entitled to opt out of the State sector and become responsible for their own thatcheg.