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Comparison of Stance's Held on Key Issues by Blair, Thatcher and Major

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Introduction

Issue Conservative Labour Interventionism. Thatcher Major Blair The state interfering with the economy, extended from the initial attempts of Asquith and Lloyd George. -Minimum wages introduced - Job creation "Welfare to Work" - "New Deal" Free Market Thatcher Major Blair The opposite of interventionism, leaving the markets to regulate themselves and provide goods and services. -No pay controls - No pay controls - No Pay controls - Control of Interest rates given to the Bank of England. Both parties were committed to intervening as their economic policies all had aspects of PAY/PRICES in them. During the 1960's all parties included a wage policy in their normal policies, for example laws passed to prohibit wages rising beyond a certain level. Keynesianism Thatcher Major Blair Creating wealth and jobs through government sponsored initiatives and lower taxes creating both supply and demand, creating a cycle to pay themselves back. - Top rate of income tax fell to 40p from 80p in the �. - The base rate also fell to 25p - No "robbing the rich to pay for the poor" - Major also cut taxes from 25 to 23p - No "robbing the rich to pay for the poor" - Base rate lowered to 22p - Brown commits the party to no raises in income taxes. ...read more.

Middle

Nationalisation Thatcher Major Blair Nationalising is basically taking normally private industries or general "low" business and putting them under state control. - Rail track, having privatised the rail industry under the Major rule it was then nationalised by Blair, the main protest was the compensation of those shareholders losing out as it was basically the same as a bad investment. - Some aspects of the Health industry were privatised, the main example of this is the London hospital, nationalised because of bankruptcy. -Throughout the three administrations there is a theme of continuity in that the general idea was that throughout years of investment the public sector had failed to rival either Germany or Frances, therefore the commitment to reducing the public sector was made. - There was also a broad consensus pre-1970's that there should be a mixed economy as problems had been caused by the lack of profitability of some privatised industries; Iron and Steel. International trade and Exchange rates. Thatcher Major Blair The difference between the two parties on free trade and other various global and European issues. -Thatcher favoured free trade with the rest of the world to enhance the British market and attract foreign investment. ...read more.

Conclusion

This is important as it gave Thatcher the upper hand not only because the public retained confidence in the Conservative party's ability to manage the economy, (Conservatives 46% Labour 29%) but also because the Labour party could no longer rely on their better relationship with the unions. This lack of control over the unions also meant they no longer could negotiate wages or consequently control the economy. *Black Wednesday 16th September 1992. Having pledged not to devalue the pound (this had been the cause of the Labour defeats in 1949 and 1967) a rise in interest rates in Germany, the partner economy of the ERM, forced the British to do the same, however it caused a major sale of British sterling and although the government spent nearly 20 million and raised interest rates to 15% attempting to save it, they were in the end forced to both devalue the pound and leave the ERM. This was effectively a blatant lie to the public and as the Labour party was forced to carry the burden of the Winter of Discontent the Conservatives were forced out in 1997 because Black Wednesday, even though unemployment fell to 1.6 million, the balance of deficits fell from 11 to 2 billion. Economic growth rose to 4% and inflation returned from 1.6 to 3.5% ...read more.

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