Wednesday 12 July 2017

Was Margaret Thatcher real?

A few years ago, I wrote a book called Broke to look back at recent history to see why things were going so badly for the middle classes.

This was not, as some commentators suggested, because I had some kind of disdain for the working classes or because I thought life had been uniquely tough on the middle classes - I think nothing of the kind - but writing the book led me down some strange byways.

For example why house prices had risen so much since 1979, and how the decision was made to launch that process by abolishing the so-called 'Corset' which regulated how much money went into the mortgage market.

Reading the cabinet papers convinced me that Margaret Thatcher was a mere cipher in her own revolution, unaware what the revolutionaries - Howe and Lawson - were planning or why.

Her own rhetoric convinced her later. But at first, she had no idea beyond a vague support for homeowners. The so-called Thatcherite Revolution was misnamed. It also failed in a range of other ways to live up to its own rhetoric.

In one way in particular, as I argued in a blog on the Radix website, it failed to live up to its own convictions: it failed to provide real independence to anyone apart from the very wealthy - though the cascade of mortgage money made it seem otherwise.

This is what I wrote. What do you think?

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