Almost 50 years ago, Margaret Thatcher, then-U.K. prime minister, transformed her country’s relationship with organized labor. Thatcher argued that powerful unions had gained too much influence over the economy and government, contributing to excessive inflation, strikes, and declining industrial competitiveness. Her government passed legislation limiting secondary strikes, requiring secret ballots before walkouts, and restricting union-member-only businesses. Her reforms modernized the British economy and restored economic stability. Because of Thatcher’s economic reforms, the United Kingdom was rejuvenated. The country was no longer considered the “sick man” of Europe.
Today, the U.K. is experiencing another period of prolonged economic decline. Economic growth, productivity growth, and business investment have been effectively stagnant for almost two decades. The country needs another Thatcherite revolution.
