25% Increase in Civil Servant Salary? Thatcher’s controversial solution that Sunak had to use

If Margaret Thatcher were alive and running England, what would she do? This was once asked by one of the well-known economists in the country who also studied in detail his tenure as prime minister. This is Willem Buiter, founding member of the Bank of England’s monetary policy committee. He believed that if Thatcher became Prime Minister today… he would raise the salaries of all public sector workers to end the strike and avoid a winter crisis.

Economists believe that lessons can be learned from Thatcher’s mandate in the late 1970s for the current Conservative government. Thatcher is remembered as the prime minister who won the union… but did so by giving civil servants a 25% pay rise to avoid discontent.

Then the situation was similar to the present one. Britain was on strike and Thatcher decided to end it by raising their wages by a very high percentage. Something that Rishi Sunak now refuses to do.

The prime minister said he would raise it by at most 5%… And that in real terms means a drop in wages and below the 6.8% average private sector wage increase in the UK.

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#monetary politics
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#salary raise
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