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Advisers on Thatcher’s legacy

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SimplyBiz chairman Ken Davy says: “She brought an attitude of self-reliance to this country and created a scenario where people proactively wanted to provide for their own financial future. She made people under 40 want to make pension provisions whereas previously there was nobody under that age who was putting money into their pension.”

Philip J Milton & Company managing director Philip Milton says: “She gave people the idea of being independent and responsible for their own future. She and her policies encouraged me to start up my own business and certainly the number of financial advisers in Britain increased dramatically under her reign as Prime Minister.”

Syndaxi Chartered Financial Planners managing director Robert Reid says: “The promotion of personal pensions in the civil service and privatisation of the pensions industry was something that encouraged the high level of pensions misselling that we saw through the 1990s. It was a messy situtation and one which showed the Thatcher Government did not understand the complicated nature of public sector pensions.”

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Robert Reid

JM Finn & Co associate Brian Tora says: “She kick started the de-regulation process with the big bang in 1986 and it had a dramatic effect. I also think that she changed the way investors could invest abroad and reduced the penalties associated with that. She made a big difference to the way people thought about their financial well being and as a result arguably she pushed more people to seek financial advice.”

Ray Boulger
Ray Boulger

John Charcol senior technical director Ray Boulger says: “Until the early 1980s most banks were not active in the mortgage market and nearly all mortgage lending was done by the much larger number of building societies which then existed. Mrs Thatcher’s core beliefs were in fostering the competition that derives from free markets and free trade and despite the problems caused by the credit crunch the resultant transformation of the mortgage market lives on today.”

Lifesearch chief executive Tom Baigrie says: “She was ultimately frustrated in her efforts to create a shareholding democracy by a combination of over cautious civil servants and her own fears as to the increasing number of scandals occurring throughout the 80s. She should have held to her path but instead created the over-burdensome regulatory environment we see today.”

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