250-word synopsis of Thatcherism

The main idea of Thatcherism is that is was the government’s job to remove regulation and planning of businesses and peoples life and instead to try and replace that with a free market with a small state. This would then mean that the government would only provide people with the absolute bare essentials of realm and defense of currency but after that everything was to be left to the individuals themselves to exercise their own rights and responsibilities while the government tried to make sure that no inflation would occur. Thatcherism would also reject the state ownership of businesses and would also reject the socialist central planning. Another key central idea of Thatcherism was the need for low taxation, while the previous government labor had increased the income tax on the high thatcher wanted to cut this from 80% to only 40% of the highest rates and cut the basic income tax rate to 25%.