What was a defining economic policy of Prime Minister Margaret Thatcher?

The defining economic policy of Prime Minister Margaret Thatcher was the privatization of state-owned industries. This approach was central to her government's economic strategy during the 1980s, aiming to reduce the role of the state in the economy and to promote free-market principles. By privatizing industries such as telecommunications, gas, and electricity, Thatcher sought to increase efficiency, competition, and consumer choice. This move was rooted in her belief that private ownership would drive innovation and economic growth more effectively than government-run enterprises.

The privatization effort was part of a broader agenda that included deregulation and reducing the power of trade unions, positioning the UK for a shift towards a more market-oriented economy. This policy not only transformed the landscape of British industry but also had significant implications for the economy, public services, and the workforce during and after her premiership.