First Thatcher ministry May 1979. The Winter of Discontent had seen the Labour government's popularity slump during the previous four months, and the opinion polls all pointed towards a Conservative victory. The Tories won the election with a majority of 44 seats and their leader Margaret Thatcher became Britain's first female prime minister. Thatcher inherited some of the worst economic statistics of postwar Britain. The nation was still feeling the effects of the numerous strikes during the recent Winter of Discontent. Inflation had recently topped 20%, and unemployment was in excess of 1.5 million for the first time since the 1930s. Thatcher's monetarist
Margaret Thatcher Thatcher's policies. The 1981 England riots resulted in the British media discussing the need for a policy U-turn. At the 1980 Conservative Party conference, Thatcher addressed the issue directly, with a speech written by the playwright Ronald Millar that included the lines: "You turn if you want to. The lady's not for turning." Thatcher's job approval rating fell to 23% by December 1980, lower than recorded for any previous Prime Minister. As the recession of the early 1980s deepened, she increased taxes, despite concerns expressed in a March 1981 statement signed by 364 leading economists, which argued there was "no