Word: labour
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...free market economy and encouraged foreign investment. Believing personal wealth is a worthy objective, she cut the basic rate of income tax from 33% to 25% and the top rate from 83% to 40%. To cap it off, she sold to the public many of the enterprises postwar Labour governments had nationalized...
...them, and 20% of adult Britons own stock shares, up from just 7% in 1979. There is a price for this, of course, and Britain pays it in the form of inflation, currently at 10.9%; unemployment, at 6% and rising; and disrepair in the social-safety net that Labour had so carefully woven. Roads and railways are showing signs of neglect, homelessness has visibly increased, and Thatcher's critics charge that her kind of individualism implies greed and selfishness...
Thatcher relinquishes power this week, but her legacy is firmly in place. Her potential Tory successors proudly describe themselves as disciples of Thatcherism and pledge to continue it. More impressive still is the opposition Labour Party's turn from leftist economics and unilateral nuclear disarmament in the past three years toward more centrist policies to compete with Thatcherism at the polls. Even if Labour wins the next election, the public will not allow it to reassemble the huge governmental edifice Thatcher pulled down...
...former Defense Minister Michael Heseltine, the anti-Thatcher movement was based less on sharp policy differences than on the growing conviction that the Prime Minister's continued leadership seemed certain to lose the Tories the next general election, which must be held before mid-1992. Opinion polls, giving Labour a 14-point lead, showed that Heseltine would do better than Thatcher as Tory standard bearer. Accordingly, in a first-round vote by the 372 Conservative Members of Parliament, Heseltine won 152 to Thatcher's 204; under the complicated leadership formula, that was just enough, with 16 abstentions, to force...
Headlines such as Time's "The Iron Lady Bows Out" are not particularly kind, but underneath the cliches of Thatcher's tough image, public opinion has been a little gentler. Thatcher received praise from almost every corner--from Ronald Reagan to even Neil Kinnock, the leader of the rival Labour Party...