Word: thatchers
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Hurting. Britain is clearly losing the price battle. Reversing policies of the previous Labor government, Prime Minister Margaret Thatcher's Conservatives have drastically sliced public spending and raised borrowing rates at the Bank of England to a record 17%. Nonetheless, inflation has doubled to nearly 20% since Thatcher took office, chiefly because of soaring oil prices and high wage settlements...
...London, the House of Commons endorsed a boycott, raising the pressure on the British Olympic Association to do so when the group makes its decision this week. Yet Prime Minister Margaret Thatcher's tactics-like her threat to deny paid leave to competitors holding government jobs-angered athletes. At last count, 78 of Britain's 108 Olympic athletes said they still plan to attend...
...Thatcher's program, though, has been heavily buffeted amid a gale of bad economic news. Inflation has risen from 8% to 18% and confidential government studies suggest that unemployment, only 1.3 million last spring, will rise to over 2 million next year. Businesses cut capital spending by 3% last year and will drop it another 10% this year. The 1979 current trade deficit totaled $5.5 billion, vs. a 1978 surplus of $1.5 billion. The British Treasury, in a gloomy report, now suggests that this year's projected economic slump will be even worse than the 1973-74 decline...
...Thatcher's No. 1 priority is beating inflation. A close follower of the monetarist theories of Nobel Laureate Milton Friedman, Thatcher has tightened money and cut government spending. The growth in money supply has been curbed, and interest rates have risen to alltime peaks. Mortgages now cost 15% and a car loan...
...second part of the Thatcher strategy, involving spending cuts and less propping up of ailing government industries, has been vigorously pushed. Last June $7.5 billion was shaved off the previous Labor government's spending plan. Still tougher classical Conservative medicine is coming. This year's budget, due this month, will include higher health prescription charges and big cuts in funds for new hospitals, roads, subsidized housing and schools...