To What Extent Did Margret Thatcher Impact the British Economy?

1791 Words 8 Pages
A. Plan of Investigation
The purpose of this investigation is to analyze to what extent did Margret Thatcher, the prime minister of the United Kingdom, impact Britain's economy from 1997-1990. This analysis will look at themes revolving around her impact on the trade unions, tax rates, her impact on unemployment in the UK and her role in the Lawson Boom in the 1980s. However, how other neighboring countries besides the US were affected when Margaret Thatcher came to power will not be investigated. In order to research these themes, news articles in BBC will be used to help find how Margret Thatcher changed Britain and its economy. In Addition, books such as the "No Such Thing as Society" and other online journals will be used. This investigation will include an evaluation of the origin, purpose, value and limitations of the sources used for research.
B. Summary of Evidence
Tax Rates
• Tried hard to tame inflation, controlled public spending. "Getting people to believe inflation would fall, and so reduce their wage demands, was the aim" (Pym Hugh)
• Economic policy was known as Monetarism ("Thatcher's economic policies")
• Reduce it by placing higher interest rates and enforcing higher taxes and spending cuts (Smith David).
• Income tax was cut from 83% to 60% and the standard rate of income tax was cut from 33% to 30% (McSmith Andy, 25).
• Thatcher believed in the freedom of entrepreneurs (Laissez-faire) to create wealth through their own companies (Pym…