Margaret Thatcher that Foreign Secretary James Callaghan warned his fellow Labour Cabinet members in 1974 of the possibility of "a breakdown of democracy", telling them: "If I were a young man, I would emigrate." In mid-1978, the economy began to recover and opinion polls showed Labour in the lead, with a general election being expected later that year and a Labour win a serious possibility. Now Prime Minister, Callaghan surprised many by announcing on 7 September that there would be no general election that year and he would wait until 1979 before going to the polls. Thatcher reacted to this by branding
Third Thatcher ministry Inflation, which the first Thatcher government had conquered by 1983, was touching 10% for the first time in eight years. Then, on 1 November 1990, came the first of a series of events which would spell the end of Margaret Thatcher's years in power. Sir Geoffrey Howe, the deputy prime minister, long resentful of being ousted as Foreign Secretary, resigned from the cabinet over its European policy. Soon afterward, in his resignation speech in the House of Commons, he publicly denounced Thatcher, having once been one of her closest allies, personally and for her hostility towards the programmes of the