As he defended his Autumn Statement in 1984, Nigel Lawson, chancellor at the time, started out by reiterating the need to carry on “slimming the public sector”.
One of the Thatcher-led government’s grandest acts was this rapid run of privatisations, cutting back the swathes of nationalised industries and putting them into shareholders’ hands.
After the announcement that British Telecom would be privatised and floated on the stock market, some 2.4 million people registered their interest.
These individuals had “chosen to ignore the Labour Party’s threat of renationalisation,” Lawson said.
“They have put their money on the table, and put it on the blue square,” he added, referencing Tory colours….
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