Thatcher: We Are Building a Property-Owning Democracy

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After only four hours of sleep and a day spent thanking campaign workers and consulting with colleagues, Margaret Thatcher welcomed TIME London Bureau Chief Christopher Ogden and Reporter Frank Melville upstairs at No. 10 Downing Street to talk about her plans for a third term. Wearing a blue suit and her trademark double strand of pearls, she sat at a small table in an oak-paneled room. Behind her were congratulatory baskets of flowers. Excerpts from the interview:

Q. How do you interpret the election?

A. It means that the policies we were pursuing, which we put openly and frankly before the people, were thought to be right for Britain. They were policies which were a partnership between government and people -- namely, we do the things which only governments can do, running the finances in a sound way, keeping inflation down, cutting controls and giving tax incentives. And we got the response in an increasing enterprise and competitiveness from the British people. And that produced a higher standard of living.

Q. Why do people accuse you so bitterly of lacking compassion?

A. Some people think that to be compassionate and caring you have to talk a lot about it. We've always taken the view that you should be judged by what you do and not by what you say, and we're prepared to be judged on that -- any day of the week.

Q. What are the most important accomplishments of your first eight years?

A. First, we have reduced the fantastic number of controls that there were over the life of our society. The greatest driving force in life, which is individual energy and effort, was becoming really cocooned. Secondly, people do need incentives to encourage them to work harder, and if you take too much away in tax, then you will not get that driving incentive. Plus the trade union law. When we took over, it seemed as if the left-wing trade union leaders were more powerful than the government of the day. All of this has been replaced by different systems. We now know that the spirit of enterprise is there. The economy is doing well and catching up with our European competitors.

Q. What are your plans for a third term?

A. I will extend opportunities to people who never had them before. As you know, we are building a property-owning democracy. Far more people own their own homes now. We are nearly up to the United States -- not yet quite -- but now one in five of our people owns company shares. Far many more people have savings accounts. That's all extending opportunity ever more widely.

Q. How far will you extend privatization?

A. Some of our water has been supplied to people by private companies for years. The great amount of it is done under public authorities, and many of them tell us they would be able to run very much more efficiently if they were able to run their own operation. Also we shall then embark upon privatizing electricity, which you ((in the U.S.)) are used to. And then we'll have a look at other things and see how best we can bring them onto the market -- always, I must say, giving the people who work in those enterprises the first chance to purchase shares at an advantageous price. Our policy is that every earner shall be an owner.

Q. Is there increased anti-Americanism in this country at the moment?