Is the UK economy at a new moment of sea-change?

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Forty years ago Mrs Thatcher came to power, is the UK economy at another historic moment of change?

Forty years ago this week Margaret Thatcher came to power. At that time there was a sense of broken economy, broken politics, over-powerful trade unions and politicians who seemed only capable of managing decline.

Its textile industry fell into decline in the mid-20th Century with the last mill closing in 1998. The end of textile processing has seriously depressed the local economy. "Tax cuts for corporations and the rich, trickle-down economics, privatisation, outsourcing, the market will always know best - all of those elements are now being questioned. Why? Because people know the system hasn't worked for them."

At the time, the defeated Labour leader James Callaghan summed it up thus:"There are times... when there is a sea-change in politics. It then does not matter what you say or what you do. There is a shift in what the public wants and what it approves of.Image copyright"I was a young trade union official. On the doorstep you knew that people wanted some form of change," recalls Mr McDonnell.

That frustration has driven support for an array of radical policy ideas, from a Universal Basic Income, a four-day week, to a jobs guarantee. "We've never had a more capable, more informed, group of citizens in this country. What people want is to make the decisions themselves - they don't want someone in Whitehall telling them what to do.""What people want is to make the decisions themselves", says Liz Truss

"I do think we are a overly centralised country. I think the ultimate devolution is to people themselves. I always believe that people make the best decisions about their own lives," agrees Liz Truss.If this comes to pass, it will mean more decisions on education, skills training and transport being taken by local politicians rather than those in Westminster.After almost a decade of public sector austerity, it's widely felt that our public services need more funding.

 

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No. Margaret Thatcher: head and shoulders above any politician in Parliament at the moment.

BBCPolitics more tory stupidity-harshness and downright cruelty-this bloody woman still having an effect to this day. we need a change on attitudes-greed is good as to come to an end-obsolete

BBCPolitics Oh it’s gonna be different alright, when Sargon and Tommy get elected. Thanks to labour for failing to support Brexit.

Queen Maggie.

Well, Thatch certainly ensured misery and destitution for the majority, as well as destroying communities to fund the YUPPIE generation, and all the unnecessary excesses they had. That's certainly something this country will never recover from.

night The eighties had great music, that I do remember along with very long queues at the employment exchange.

Time to undo all the damage her policies and asset stripping have caused.

If Labour get in yes it'll change. It'll collapse.

Sea change The Conservative government tell we are one of the most prosperous countries in the world 5th largest economy UK significantly worse off under all Brexit scenarios – official forecast

And just what is 'sea change' FFS

Always believe the establishment they never get it wrong

40 years ago. Look at the tinpot MPs we have now. A different age

😍We used to have great politicians😍

rising sea levels

Watch it tank after Brexit...if it ever happens

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