Broking chiefs praise Thatcher's economic legacy

Broking chiefs have praised former prime minister Margaret Thatcher for the positive impact her policies had on the sector and the wider economy.

Baroness Thatcher died on Monday at the age of 87, after suffering a stroke while staying at the Ritz hotel in central London.

Ellis Bates Group director Grant Ellis said Thatcher had done a “terrific job” heading a government that removed a lot of red tape and obstacles to industry and her death was a “sad passing”.

He added that Thatcher’s privatisation agenda and the 1986 liberalisation of the financial sector had made a notable impact on the insurance sector. Ellis said that many people had made money out of the big privatisations in the early Thatcher years and used it to buy cars, houses, and shares, providing new opportunities for insurers.

“We started our business on 1 August 1980 and we had some really good growth in those early Thatcher years,” he said. “I don’t think we would have prospered to the same extent, if we had not had Thatcher.”

The City had become a draw for talented young people during the Big Bang period and risk taking had become more prevalent, revitalising the insurance industry.

“Quite a few people had overindulged in the period after the shackles were off but it came back into balance after that. Without doubt, the Big Bang in the City was a positive legacy of the Thatcher years.”

“I would like to see a return to the dynamism and vitality of the Thatcher years,” he added.

Oval founder Phillip Hodson said: “She made the country a much better place to do business. That, of course, is  simply because of the general economic improvement. It allowed us all to benefit.

 “There was  confidence in the country that hasn’t been replaced since. It was probably there when Tony Blair took over, but it had gone by the time Gordon Brown was in charge.”

Lady Thatcher was Britain’s longest-serving prime minister of the 20th century, serving from 1979 to 1990. She had been staying at the Ritz since being discharged from hospital at the end of last year. Her husband Dennis died in 2003.