This approach allowed the inflation rate to drop down to10% in 1982 and gradually only 4% in 1983 (Martin & Parker, 1995, pControlling inflation was a big achievement indeed but unemployment rate increased dramatically to its highest levels. Aound 3,000,000 people were unemployed in United Kingdom which started severe riots in the country. Gvernment was accused for this whole dilemma. Tatcher closed all the inefficient factories and industries too as they didn’t have enough productivity and were a burden on the economy. Te job cuts raised many issues country as people were hand to mouths.
3million unemployed people were a big figure thus ultimately government started to take care of this segment and as a result unemployment figure reached 1. 6million in 1989. Te unemployment again increased from 1990-1993 but it was gradually under control afterwards. Te introduction of Enterprise zone was the fundamental reason of reducing unemployment rate (Hall, 2001, pThe British government religiously followed monetarist economic model, fcused on its all theories and implemented in its true spirits. Te Monetarist policies brought revolutionary change in by the time and the results obtained were promising.
Tatcher was a cult follower of monetarist policies. Dficit spending and lowering interest rate brought recovery in the economic position of Britain. Tx exemptions were given to start new business ventures in the country. Te opposition opposed policies of Mrs. Tatcher but economists and research analysts believe that this was the best policy taken at that time as there was no other way out (Taylor & Bradley, 2008, p(Meen, 1996, p 431) illustrates that encouragement to enterprise zone was good important step taken by the government.
Tis showed that government believed in private investment and also make friendly rules and regulations to start new business ventures. Rlaxations were also given to the current business ventures so that economic rise would be seen in the country. Te transfer of power in early 1990’s increased unemployment rate once again but in 1993 it came under the control of British government again. Te steps taken by the government are significant & appreciable. Te economic scenario prevalent in Britain was comparatively from the Te focus of Britain government was also unlike other nations.
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