Editing Margaret Thatcher (section)

====Privatisation====
The policy of [[privatisation]] has been called "a crucial ingredient of Thatcherism".{{sfnp|Seldon|Collings|2000|p=27}} After the 1983 election, the sale of state utilities accelerated;{{sfnp|Feigenbaum|Henig|Hamnett|1998|p=71}} more than £29&nbsp;billion was raised from the sale of nationalised industries, and another £18&nbsp;billion from the sale of council houses.{{sfnp|Marr|2007|p=428}} The process of privatisation, especially the preparation of nationalised industries for privatisation, was associated with marked improvements in performance, particularly in terms of [[labour productivity]].{{sfnp|Parker|Martin|1995}}

Some of the privatised industries, including gas, [[Water privatisation in England and Wales|water]], and electricity, were [[natural monopolies]] for which privatisation involved little increase in competition. The privatised industries that demonstrated improvement sometimes did so while still under state ownership. [[British Steel Corporation]] had made great gains in profitability while still a nationalised industry under the government-appointed MacGregor chairmanship, which faced down trade-union opposition to close plants and halve the workforce.{{sfnp|Kirby|2006}} Regulation was also significantly expanded to compensate for the loss of direct government control, with the foundation of regulatory bodies such as [[Oftel]] ([[Telecommunications Act 1984|1984]]), [[Ofgas]] ([[Gas Act 1986|1986]]), and the [[National Rivers Authority]] ([[Water Act 1989|1989]]).{{sfnp|Veljanovski|1990|pp=291–304}} There was no clear pattern to the degree of competition, regulation, and performance among the privatised industries.{{sfnp|Parker|Martin|1995}}

In most cases, privatisation benefited consumers in terms of lower prices and improved efficiency but results overall have been mixed.{{sfnp|McAleese|2004|pp=169–70}} Not all privatised companies have had successful share price trajectories in the longer term.<ref>{{Cite news |last=Simon |first=Emma |date=12 April 2013 |title=Thatcher's legacy: how has privatisation fared? |url=https://www.telegraph.co.uk/finance/personalfinance/investing/shares-and-stock-tips/9989430/Thatchers-legacy-how-has-privatisation-fared.html |url-status=live |archive-url=https://web.archive.org/web/20171015222606/http://www.telegraph.co.uk/finance/personalfinance/investing/shares-and-stock-tips/9989430/Thatchers-legacy-how-has-privatisation-fared.html |archive-date=15 October 2017 |access-date=5 July 2017 |work=The Telegraph}}</ref> A 2010 review by the IEA states: "[{{ucfirst:i]t}} does seem to be the case that once competition and/or effective regulation was introduced, performance improved markedly [...] But I hasten to emphasise again that the literature is not unanimous."<ref>{{Cite web |date=7 November 2000 |title=A Review of Privatisation and Regulation Experience in Britain |url=https://iea.org.uk/publications/research/a-review-of-privatisation-and-regulation-experience-in-britain |url-status=live |archive-url=https://web.archive.org/web/20180220033519/https://iea.org.uk/publications/research/a-review-of-privatisation-and-regulation-experience-in-britain |archive-date=20 February 2018 |access-date=19 February 2018 |publisher=Institute of Economic Affairs}}</ref>

Thatcher always resisted [[privatisation of British Rail|privatising British Rail]] and was said to have told Transport Secretary [[Nicholas Ridley, Baron Ridley of Liddesdale|Nicholas Ridley]]: "Railway privatisation will be the [[wikt:Waterloo#Noun|Waterloo]] of this government. Please never mention the railways to me again." Shortly before her resignation in 1990, she accepted the arguments for privatisation, which her successor John Major implemented in 1994.{{sfnp|Marr|2007|p=495}}

The privatisation of public assets was combined with [[Deregulation#United Kingdom|financial deregulation]] to fuel economic growth. Chancellor Geoffrey Howe abolished the UK's exchange controls in 1979,<ref name="Robertson">{{Cite news |last=Robertson |first=Jamie |date=27 October 2016 |title=How the Big Bang changed the City of London for ever |url=https://www.bbc.co.uk/news/business-37751599 |url-status=live |archive-url=https://web.archive.org/web/20170816022757/http://www.bbc.co.uk/news/business-37751599 |archive-date=16 August 2017 |access-date=19 June 2017 |work=BBC News}}</ref> which allowed more capital to be invested in foreign markets, and the [[Big Bang (financial markets)|Big Bang]] of 1986 removed many restrictions on the [[London Stock Exchange]].{{r|Robertson}}