LETTER OF THE DAY - Thatcher had balls many men would envy
Published:Tuesday | April 16, 2013 | 12:00 AM
THE EDITOR, Sir:
The praises which have been heaped on the late Margaret Thatcher are well deserved, however, her legacy is not without controversy. Even in death, Thatcher remains a divisive figure.
Her critics perceive her as a malevolent force which destroyed trade unions, the manufacturing sector and communities, while her admirers credit her with rescuing an ailing economy. Although the critics of Thatcher are many, her legacy speaks for itself.
In 1979, Thatcher inherited an economy which suffered from low levels of productivity, anaemic GDP growth and high inflation. Unlike many leaders, Thatcher was not afraid to spend political capital. She privatised inefficient state agencies and reduced industrial subsidies. She even challenged the powerful unions, which had a stranglehold on the economy, and Britain benefited significantly from her policies.
According to the Institute For Fiscal Studies, median incomes grew more rapidly during the Thatcher years when compared to the administrations of John Major and Tony Blair. In addition, when Thatcher became prime minister, the working class accounted for 67 per cent of the population. By the time she demitted office in 1990, this number was reduced to 51 per cent.
Furthermore, in 1980, unemployment was above two million; she reduced it to 1.85 million by 1990. There was also an increase in entrepreneurial activity. During her stewardship, the number of firms rose from 1.89 million in 1979 to 3.09 million in 1989. Further, the British economy lost 29.5 million workdays from strikes in 1979. By the end of her tenure, this was reduced to two million.
Increased output
Moreover, Thatcher did not destroy the manufacturing sector. According to the Office for National Statistics, British factories increased output by 7.5 per cent during her premiership. It must be noted that Labour Prime Minister Harold Wilson closed 400 mines during his tenure. This resulted in the loss of 315,000 jobs. Thatcher closed 146 mines.
It has also been propagated in the media that she called Nelson Mandela a "terrorist". This is not true. She called the African National Congress, with which Mr Mandela was affiliated, a terrorist organisation in the aftermath of a controversial statement made by Winnie Mandela.
Margaret Thatcher will be remembered as a hero who rescued Britain from economic collapse and Eastern Europe from totalitarianism. The criticism from the Labour party is expected, because by advocating self-reliance, Thatcher destroyed its base.
LIPTON MATTHEWS