More or Less: Behind the Stats Thatcher in numbers
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Apr 15, 2013 Exploring the impact of Thatcher as Britain's first female prime minister and her influence on free-market economics. Analyzing her divisive nature and the data surrounding her tenure, debunking myths about her economic policies and revealing true trends. Examining the widening wealth gap, unemployment rates, and comparisons with other European countries
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Miners' Strike and Union Impact
- The 1984 miners' strike epitomized Thatcher's relationship with unions, viewed as a victory over their power by supporters or a destruction of industry by critics.
- Strike days fell drastically during the 80s, but mining's decline was a broader trend, not solely attributable to Thatcher.
Manufacturing Decline
- Manufacturing declined under Thatcher, but this was a global trend tied to rising wealth and not solely her policies.
- Western economies shifted towards knowledge-based industries, rather than physical production.
Taxation and Public Spending
- Thatcher cut direct taxes like income tax significantly, but indirect taxes like VAT rose.
- Public spending rose in absolute terms due to unemployment benefits, but fell as a proportion of the economy.