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First Thatcher Ministry
Margaret Thatcher was Prime Minister of the United Kingdom from 4 May 1979 to 28 November 1990, during which time she led a Conservative majority government. She was the first woman to hold that office. During her premiership, Thatcher moved to liberalise the British economy through deregulation, privatisation, and the promotion of entrepreneurialism. This article details the first Thatcher ministry which she led at the invitation of Queen Elizabeth II from 1979 to 1983. Formation Following the vote of no confidence against the Labour government and prime minister James Callaghan on 28 March 1979, a general election was called for 3 May 1979. The Winter of Discontent had seen the Labour government's popularity slump during the previous four months, and the opinion polls all pointed towards a Conservative victory. The Conservatives won the election with a majority of 43 seats and their leader Margaret Thatcher became the United Kingdom's first female prime minister. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1979 United Kingdom General Election
The 1979 United Kingdom general election was held on Thursday 3 May 1979 to elect List of MPs elected in the 1979 United Kingdom general election, 635 members to the House of Commons of the United Kingdom, House of Commons. The election was held following the defeat of the Labour government in a no-confidence motion on 28 March 1979, six months before the Parliament was due for dissolution in October 1979. The Conservative Party (UK), Conservative Party, led by Margaret Thatcher, ousted the incumbent Labour Party (UK), Labour government of Prime Minister James Callaghan, gaining a parliamentary majority of 43 seats. The election was the first of four consecutive election victories for the Conservative Party, and Thatcher became the United Kingdom's and Europe's first elected female head of government, marking the beginning of 18 years in government for the Conservatives and 18 years in opposition for Labour. Unusually, the date chosen coincided with the 1979 United Kingdom loca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1981 United Kingdom Budget
The 1981 United Kingdom budget was delivered by Geoffrey Howe, the then Chancellor of the Exchequer, to the House of Commons on 10 March 1981. It was Geoffrey Howe's third budget and the second of the first Thatcher ministry. The budget represented a strongly monetarist response to the stagflation and high government borrowing which the UK was suffering at the time. The budget speech lasted for 91 minutes. Background The budget was given during a time of significant economic malaise in the United Kingdom, with unemployment having increased by almost one million in the prior 12 months and inflation running at around 15%. Measures The budget increased net taxes by £4 billion (in 1981 prices). A new 20% tax on North Sea oil was introduced. A one-off windfall tax on certain bank deposits was introduced, in the form of a 2.5% levy on deposits of banking businesses, charged by reference to non-interest bearing sterling deposits in excess of £10 million averaged over the final th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Entrepreneurialism
Entrepreneurship is the creation or extraction of economic value in ways that generally entail beyond the minimal amount of risk (assumed by a traditional business), and potentially involving values besides simply economic ones. An entrepreneur () is an individual who creates and/or invests in one or more businesses, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as "entrepreneurship". The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures. More narrow definitions have described entrepreneurship as the process of designing, launching and running a new business, often similar to a small business, or (per ''Business Dictionary'') as the "capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit". The people who create these businesses are often referred to as "entrepreneurs". In the field of econ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Privatisation
Privatization (rendered privatisation in British English) can mean several different things, most commonly referring to moving something from the public sector into the private sector. It is also sometimes used as a synonym for deregulation when a heavily regulated private company or industry becomes less regulated. Government functions and services may also be privatised (which may also be known as "franchising" or "out-sourcing"); in this case, private entities are tasked with the implementation of government programs or performance of government services that had previously been the purview of state-run agencies. Some examples include revenue collection, law enforcement, water supply, and prison management. Another definition is that privatization is the sale of a state-owned enterprise or municipally owned corporation to private investors; in this case shares may be traded in the public market for the first time, or for the first time since an enterprise's previous natio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deregulation
Deregulation is the process of removing or reducing state regulations, typically in the economic sphere. It is the repeal of governmental regulation of the economy. It became common in advanced industrial economies in the 1970s and 1980s, as a result of new trends in economic thinking about the inefficiencies of government regulation, and the risk that regulatory agencies would be controlled by the regulated industry to its benefit, and thereby hurt consumers and the wider economy. Economic regulations were promoted during the Gilded Age, in which progressive reforms were claimed as necessary to limit externalities like corporate abuse, unsafe child labor, monopolization, and pollution, and to mitigate boom and bust cycles. Around the late 1970s, such reforms were deemed burdensome on economic growth and many politicians espousing neoliberalism started promoting deregulation. The stated rationale for deregulation is often that fewer and simpler regulations will lead to raise ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
British Economy
The United Kingdom has a highly developed social market economy. From 2017 to 2025 it has been the sixth-largest national economy in the world measured by nominal gross domestic product (GDP), tenth-largest by purchasing power parity (PPP), and about 18th by nominal GDP per capita, constituting 2.4% of world GDP and 2.2% by purchasing power parity (PPP). The United Kingdom has one of the most globalised economies and comprises England, Scotland, Wales and Northern Ireland. In 2022, the United Kingdom was the fifth-largest exporter of goods and services in the world and the fourth-largest importer. It also had the fourth-largest outward foreign direct investment, and the fifteenth-largest inward foreign direct investment. In 2022, the United Kingdom's trade with the European Union accounted for 42% of the country's exports and 48% of its total imports. The United Kingdom has a highly efficient and strong social security system, which comprises roughly 24.5% of GDP ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Liberalisation
Economic liberalization, or economic liberalisation, is the lessening of government regulations and restrictions in an economy in exchange for greater participation by private entities. In politics, the doctrine is associated with classical liberalism and neoliberalism. Liberalization in short is "the removal of controls" to encourage economic development. Many countries have pursued and followed the path of economic liberalization in the 1980s, 1990s and in the 21st century, with the stated goal of maintaining or increasing their competitiveness as business environments. Liberalization policies may or often include the partial or complete privatization of government institutions and state-owned assets, greater labour market flexibility, lower tax rates for businesses, less restrictions on both domestic and foreign capital, open markets, etc. In support of liberalization, former British prime minister Tony Blair wrote: "Success will go to those companies and countries which are s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Majority Government
A majority government is a government by one or more governing parties that hold an absolute majority of seats in a legislature. Such a government can consist of one party that holds a majority on its own, or be a coalition government of multiple parties. This is as opposed to a minority government, where the government doesn't have a majority, and needs to cooperate with opposition parties to get legislation passed. A government majority determines the balance of power. A government is not a majority government if it only has a majority when counting parties outside the government that have a confidence agreement with it. A majority government is usually assured of having its legislation passed and rarely if ever, has to fear being defeated in parliament, a state also known as a working majority. In contrast, a minority government must constantly bargain for support from other parties in order to pass legislation and avoid being defeated on motions of no confidence. Single- ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prime Minister Of The United Kingdom
The prime minister of the United Kingdom is the head of government of the United Kingdom. The prime minister Advice (constitutional law), advises the Monarchy of the United Kingdom, sovereign on the exercise of much of the Royal prerogative in the United Kingdom, royal prerogative, chairs the Cabinet of the United Kingdom, Cabinet, and selects its Minister of the Crown, ministers. Modern prime ministers hold office by virtue of their ability to command the confidence of the House of Commons of the United Kingdom, House of Commons, so they are invariably Member of Parliament (United Kingdom), members of Parliament. The office of prime minister is not established by any statute or constitutional document, but exists only by long-established Constitutional conventions of the United Kingdom, convention, whereby the monarch appoints as prime minister the person most likely to Confidence motions in the United Kingdom, command the confidence of the House of Commons. In practice, thi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Second Thatcher Ministry
Margaret Thatcher was Prime Minister of the United Kingdom from 4 May 1979 to 28 November 1990, during which time she led a Conservative majority government. She was the first woman to hold that office. During her premiership, Thatcher moved to liberalise the British economy through deregulation, privatisation, and the promotion of entrepreneurialism. This article details the second Thatcher ministry which she led at the invitation of Queen Elizabeth II from 1983 to 1987. Formation The Conservative government was re-elected in June 1983 with a majority of 144 seats, with Labour in opposition having a mere 209 seats after its worst postwar electoral performance, seeing off a close challenge from the SDP–Liberal Alliance who came close to them on votes though not with seats. With inflation firmly under control and union reforms contributing towards the lowest level of strikes since the early 1950s, the Conservatives were now faced with the challenge of reducing unemploym ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Callaghan Ministry
Callaghan most commonly refers to O'Callaghan, an Anglicized Irish surname. Callaghan may also refer to: People * Aaron Callaghan (born 1966), Irish footballer with Crewe Alexandra and Crusaders * Sir Alfred John Callaghan (1865–1940), Irish politician and barrister * Alice Callaghan (born 1947), Canadian Catholic nun and Episcopalian priest * Aloysius R. Callaghan (born 1946), American Roman Catholic priest * Amanda Callaghan ( from 1989), British entomologist * Amy Callaghan (born 1992), British Member of Parliament for Scottish National Party, elected 2019 * Andrew Callaghan (born 1997), American journalist * Audrey Callaghan (1915–2005), English dietician * Ayden Callaghan (born 1981), English actor * Barry Callaghan (born 1937), Canadian author * Barry Callaghan (footballer) (born 1986), Scottish footballer with Queen of the South * Sir Bede Callaghan (1912–1993), Australian banker and university administrator * Sir Bill Callaghan (born 1948), British trad ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shadow Cabinet Of Michael Foot
Michael Foot was Leader of the Opposition from 4 November 1980, following his victory in the 1980 leadership election, to 2 October 1983, when he was replaced by Neil Kinnock at the 1983 leadership election. The 1980 leadership contest was triggered by James Callaghan's loss at the 1979 general election, and the 1983 contest by Foot's own disastrous defeat in the 1983 general election. Until 2011, the Labour MPs elected the bulk of the membership of the Shadow Cabinet. The leader was expected to assign portfolios to those elected, but was able to assign portfolios to MPs not elected to the Shadow Cabinet and to refuse to assign portfolios to elected members. For example, William Rodgers was not given a portfolio despite winning in the 1980 Shadow Cabinet elections. When he left the party months later to help create the Social Democratic Party, Tony Benn automatically joined the Shadow Cabinet. Foot also chose not to give the more radical Benn a portfolio. When Benn lost in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
