Speeches, etc.

Margaret Thatcher

Article for West London papers

Document type: Speeches, interviews, etc.
Source: West London Observer, 20 October 1977
Editorial comments: Item listed by date of publication. The article appeared in a number of West London papers - eg, Acton Gazette and Post. It was printed alongside contributions from David Steel, Bob Cryer (Industry Under-Secretary), John Methven (CBI), and Peter Blood (Institute of Marketing).
Importance ranking: Minor
Word count: 202

Our priority—to rebuild prosperity for Britain

One rule of economics on which we can all agree is that if nations want to consume more, they must produce more. There is no other road to a higher standard of living. Unfortunately, the decline of British industry is continuing. We are producing less than we were during the three-day week.

Partly the fault lies in prevailing economic and social attitudes. Bitter opponents of wealth-creating free enterprise which sustains our way of life have forced through Parliament policies which hinder private industry and which have driven many small firms out of business.

Governments can only spend other people's money and when Government takes too high a proportion of the national income, industry is starved of cash.

Profits are too low and the return on capital is not enough to warrant high investment.

Conservatives can end this decline. We aim to back small and growing businesses, and to make a determined effort to cut down bureaucracy.

Our tax policies will be designed to reward hard work, greater skill, successful enterprise.

Our priority is to create a climate which allows industry freedom and confidence to get on with its proper job—rebuilding prosperity for Britain.