while inflation decreased. I'd say she did pretty well.

Inflation doubled

Rather than stimulating the economy through investment and tax cuts, she tried to control the amount of money in circulation. Mrs Thatcher thought this would reduce inflation from its 1979 level of 10.3%. It didn't. Inflation doubled within a year and only fell to present day levels of 2-3% in 1986.

By this point, the damage had been done. To get to such a low level, indirect taxes had been hiked (VAT rose from 8% to 15%), as had interest rates (topping 17%). Subsidies for industry were reduced. The result was a massive rise in unemployment from 1.4m in 1979 to 3.5m by 1982, or one in eight people out of work. "I knew that when you change from one set of policies to another, the transition is very difficult," Mrs Thatcher later reflected, "but benefits would come in the longer run."