Third Thatcher ministry Third Thatcher ministry Margaret Thatcher was Prime Minister of the United Kingdom from 4 May 1979 to 28 November 1990, during which time she led a Conservative government. She was the first woman to hold that office. During her premiership, Thatcher moved to liberalise the British economy through deregulation, privatisation, and the promotion of entrepreneurialism. This article details the third government Thatcher led at the invitation of Queen Elizabeth II from 1987 to 1990. The Conservatives were elected for a third successive term in June 1987, with a majority of 102 seats. It enabled Margaret Thatcher to become the longest-serving
Margaret Thatcher on and fight to win" the second ballot, but consultation with her Cabinet persuaded her to withdraw. After holding an audience with the Queen, calling other world leaders, and making one final Commons speech, on 28 November she left Downing Street in tears. She reportedly regarded her ousting as a betrayal. Her resignation was a shock to many outside Britain, with foreign observers such as Henry Kissinger and Gorbachev privately expressing consternation. Thatcher was replaced as Prime Minister and party leader by Chancellor John Major, who prevailed over Heseltine in the subsequent ballot. Major oversaw an upturn in Conservative support