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...election was a disaster for Labor, which suffered its most stinging defeat since 1918. Michael Foot, 69, the donnish, white-haired historian and critic who would have become Prime Minister had Labor won, held on to his parliamentary seat at Blaenau Gwent in Wales, but is expected to resign soon as Labor's leader...

Author: /time Magazine | Title: Thatcher Triumphant | 2/18/2008 | See Source »

...party's direction now depends largely on who is picked to succeed Foot. Healey, whom polls show to be Labor's most popular figure, would like to make one last try for the post, but union leaders have judged him too old. Tony Benn, longtime Laborite leftist and prime architect of the party's disastrous manifesto, planned to make a run, but his unexpected loss last week knocked him out of the race. Among the remaining moderates, the leading contenders are Roy Hattersley, Labor's spokesman for domestic affairs, and Peter Shore, shadow Chancellor of the Exchequer. Hattersley, who helped...

Author: /time Magazine | Title: Thatcher Triumphant | 2/18/2008 | See Source »

They are hardly alone. "The reason I am in politics," Margaret Thatcher once said, "is because I believe in certain things and try to put them into practice." True enough, but the Prime Minister was re-elected last week not so much because of specific policies as because of her atti tudes. Britons at this point seem to care more about having a strong leader than about exactly where they are led. But that can change. During her second term, the Prime Minister's task will be to prove that her policies are as winning as her style...

Author: /time Magazine | Title: Thatcher Triumphant | 2/18/2008 | See Source »

...earned the nickname "Iron Lady," as a tough, gritty leader who seemed to relish a good scrap. Her personality, in a sense, became government policy. "The resolute approach," Tories labeled it. By the time she called new elections last month, Thatcher dominated the national stage as no other Prime Minister had done since Churchill...

Author: /time Magazine | Title: Thatcher Triumphant | 2/18/2008 | See Source »

...just about every issue. Aside from staying in the European Community and keeping the missiles, the Tories vowed that they would not resort to inflationary spending to stimulate the economy and promised to return already nationalized firms (British Airways, British Telecom, Rolls-Royce) to the private sector. The Prime Minister took special delight in promising to reform the unions, her bitterest enemies and the lifeblood of the Labor Party (they provide 90% of its funds). The middle

Author: /time Magazine | Title: Thatcher Triumphant | 2/18/2008 | See Source »

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