As the Tories get ready to go back to office for another term, we go back to Money Management’s July 1983 issue which was published immediately after Margaret Thatcher-led Conservative party won with a 140 seat majority in the general election that year. The party won a total of 397 seats, followed by Labour at 209 and the SDP-Liberal Alliance with 23.
Money Management’s then editor Peter Gartland wrote in his comment piece that the UK economy was well placed to continue on the road to recovery, even though it could be a rocky road at times and he declared the unit trust industry was set to have opportunities in the following five years. The combination of a ‘free-market’ government, greater real disposable incomes for those in work and a strengthening economy meant significant development.
Equities remained expensive relative to gilts and lower interest rates were expected to help justify present equity price levels. Economic growth and corporate profits were two main factors to watch in the coming months.
Elsewhere, the issue also featured a story on rising private school fees and despite this, their growing popularity. The story mentions a survey done in 1982, by school fees brokers C Howard & Partners, based on the experience of 145 clients. According to the survey, 72.4 per cent of families surveyed could only afford their children’s school fees after a significant reduction in living standards. The average anticipated bill for fees was £33,507, and the average family was seeking to educate two children.
In other news:
Ninetendo’s family computer, also known as the Famicom, went on sale in Japan on 15 July.
On 21 July, the lowest temperature on Earth is recorded in Vostok Station, Antarctica with -89.2 degrees celsius. A few days later on 24 July, anti-Tamil riots began in Sri Lanka, killing between 400 and 3,000. This event is also known as Black July, and started on 24 July.
And Rod Stewart classic single Baby Jane was number 1 at the start of the month.
More Back in the day…
May 2010
February 1974
February 1985
