jan 1, 1982 - Deregulation

Description:

Deregulation aim to remove all government control in the economy.
Thatcher believed that private enterprises were more efficient than the government.

The "Fair Wages Resolution" was removed which restricted Business hiring employers with fair wages and decent working conditions.
This resulted in no wage council which was believed to offer more flexibility in employment.
This is one of the only times Thatcher showed some concern over the low unemployment in Britain, with unemployment practically doubling from 1979 (5.3%) to 1982(10.7%).
The unemployed were pushed to start up their own business through the introduction of the Loan Guarantee scheme which made getting loans easier for small businesses and the Enterprise Allowance Scheme supporting small business through providing £40 a week for up to a year.
However Deregulation had little effect over employment with it's continuing rise until peaking in 1184 with 11.8%.