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...only the most vivid showcase for a combativeness Thatcher exhibited, sometimes with mixed results, throughout her first term. "She thrives on confrontation," said a Cabinet colleague. She wrestled with the European Community over British contributions to the B.C. treasury and succeeded in winning sizable rebates. She lambasted the Soviet Union with cold war invective. She coldly withstood the threats of Irish Republican Army hunger strikers, even when ten of them died of starvation in 1981 at Belfast's Maze prison. She pursued an austere, rigidly monetarist economic line, and when members of her Cabinet protested about the pain...

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

...coming to power in 1979, she reduced income taxes (the top rate fell from 83% to 60%), raised the value-added tax (a levy on goods and services) 8% to 15% and sharply cut public spending. Thatcher's top priority was righting inflation. That was a reversal of traditional British postwar economic policy, which held full employment as the primary objective. To curb price rises, she cut public spending at a time when rising , unemployment and the consequent increase in welfare expenditures would normally push it up. The money supply was throttled and interest rates were allowed to soar, forcing...

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

Just as the Prime Minister has changed the course of British economic policy, she has altered the shape of the nation's politics, especially within the Conservative Party. Fading fast is the image of the Tories as the private preserve of landed gentlemen who went to the right schools, believe in moderation, and carry a certain sense of noblesse oblige toward the lower classes. Thatcher has taken the party out of the hands of the gentry and turned it over to people like herself who have worked their way up in the world and who sometimes see a sense...

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

...suburbia. Parliamentary districts were redrawn for last week's election to reflect that migration, and the Tories clearly gained. "Social changes are taking place which make the Conservatives the party of the future and Labor the party of the past," says Robert Waller, author of The Almanac of British Politics. "Labor has been reduced to the party of the minorities...

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

...garrison of some 4,000 soldiers, two squadrons of jets, a nuclear submarine and half a dozen destroyers and frigates. Estimated cost of that presence this year alone-$672 million, or $373,000 per Falklander A Gallup poll taken last February showed that 65% of the British felt that some sort of negotiations with Argentina should take place. Instead, the Prime Minister is considering promulgating a sort of Thatcher Doctrine. The policy would hold that in British outposts, such as the Falklands and Gibraltar, the views of the inhabitants would remain paramount under all circumstances...

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

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