Thatcher 'lectured by Macmillan' over economic policies in 1980

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Margaret Thatcher was advised by Harold Macmillan to drop her controversial economic policies a year after she became prime minister.

Her predecessor's warning was revealed in files released by the National Archives under the 30-year rule.

The former Conservative prime minister warned that the austerity measures could lead to high unemployment, social conflict and industrial collapse.

Cuts were leading the nation towards dangerous unemployment levels, he said.

Mrs Thatcher was under pressure in 1980 for her "monetarist" economic policies.

The theory was that if the government restricted the money supply, then inflation would be forced down.
Consensus praised

But Mr Macmillan warned against her programme of cuts in an 11-page memorandum....

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