In part two of Thatcherism, Margaret Thatcher has survived a grim first term and her political and economic bets have paid off. She’s ready to wage war on everything she considers socialism: trade unions, local councils, nationalised industries, the BBC, you name it. The Britain she leads is wealthier and more dynamic yet more divided and unequal — a land bisected into winners and losers, where her beloved free-market economics rips through the families and communities she claims to value.

Success has turned Thatcher into a harsh, unbending autocrat, hated by half the country and increasingly alienated from her own ministers. Her stubborn belief in her own instincts leads to catastrophic hubris over Europe and the poll tax, turning allies into assassins. On 22 November 1990, she is forced to resign as prime minister. We wrap up by discussing Thatcher’s record and legacy, both of which are far messier than her acolytes claim.

Where did Thatcher succeed and fail in fundamentally changing Britain? Why did her strengths become fatal flaws? How did she sow the seeds of Brexit and Tory civil war? And what were Thatcherism’s unacknowledged contradictions? Is it just another world for neoliberalism or a far more eccentric bundle of beliefs, prejudices and mannerisms? Are her disciples in today’s Tory Party learning all the wrong lessons? Join us as we explode some myths and tell the real story of Thatcherism.

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Reading list

• Andy Beckett, Pinochet in Piccadilly: Britain and Chile’s Hidden History (2002)

• Andy Beckett, When the Lights Went Out: Britain in the Seventies (2009)

• Andy Beckett, Promised You a Miracle: Why 1980-82 Made Modern Britain (2015)

• Brian and Maggie, written by James Graham and directed by Stephen Frears (2025)

• Ronald Butt, Interview with Margaret Thatcher, Sunday Times (1981)

• Conservative Central Office, ‘The Right Approach’ (1976)

• Iain Dale (ed.), Memories of Margaret Thatcher (2013)

• Patrick Dunleavy, ‘The lasting achievement of Thatcherism as a political project is that Britain now has three political parties of the right, instead of one’, LSE (2013)

• Ian Gilmour, Dancing with Dogma: Britain Under Thatcherism (1992)

• Ipsos polling on the Falklands War, Ipsos (1982)

• John Harris, ‘Spare a thought for the late unlamented one nation Tory’, The Guardian (2013)

• John Hoskyns and Norman Strauss, ‘Stepping Stones’ (1977)

• Geoffrey Howe’s resignation speech (1990)

• Geoffrey Howe, Conflict of Loyalty (1994)

• The Iron Lady, written by Abi Morgan and directed by Phyllida Lloyd (2011)

• Sir Keith Joseph, ‘Notes Towards the Definition of Policy’, Conservative Research Department (1975)

• Kwasi Kwarteng et al, Britannia Unchained: Global Lessons for Growth and Posterity (2012)

• Kenneth Minogue and Michael Biddiss (eds.), Thatcherism: Personality and Politics (1987)

• Charles Moore, Margaret Thatcher: The Authorized Biography: Volume One (2013)

• Mollie Panter-Downes, ‘Letter from London’, New Yorker (1982)

• Robert Saunders, Yes! To Europe: The 1975 Referendum and Seventies Britain (2018)

• Margaret Thatcher, ‘Speech to Conservative Party Conference’ (1975)

• Margaret Thatcher, ‘Speech to Conservative Rally in Bolton’ (1979)

• Margaret Thatcher, The Downing Street Years (1993)

• Margaret Thatcher, The Path to Power (1995)

• Phil Tinline, The Death of Consensus: 100 Years of Political Nightmares (2022)

• D.R. Valentine, ‘Margaret Thatcher on History, Economics & Political Consensus’, University of Oxford (2013)

• Brian Walden, Interview with Margaret Thatcher after Nigel Lawson’s resignation (1989)

... reading list continues on Patreon

Written and presented by Dorian Lynskey and Ian Dunt. Produced by Simon Williams. Music by Jade Bailey. Art by Jim Parrett. Logo by Mischa Welsh. Group Editor: Andrew Harrison. Origin Story is a Podmasters production

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Conflict of Loyalty

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