Funeral Pyres for the British Welfare State

The Iron Lady’s tough response to the rioters was applauded by the public and gave her the mandate to carry out her agenda of fiscal conservatism. She implemented economic policies that led to the sale or closure of state-owned companies, deregulation of British industry and the financial sectors, flexibility in labor markets, and withdrawal of state subsidies. After a rough start, British GDP rose twice as fast as government spending for the first time since the 1920s. Thatcher demanded balanced budgets and refused to be suckered into adopting the euro currency. When Thatcher retired in 1990, the U.K. was considered a growth engine of Europe."