The onset of the 1980s was a period of economic and political instability in the UK with rising unemployment and a sizable inflationary hang-over from the late ‘70s, largely owing to rising raw material costs. In an effort to ease these inflationary pressures, the government tightened its fiscal and monetary policies, leading to a material fall in consumer demand. Coupled with widespread industrial decline, this resulted in economic growth slumping to -2% in 1980, remaining in negative territory the following year.

It’s difficult to look back at the early ‘80s and not draw parallels to today. Indeed, according to the Confederation of British Industry, in the final months of 2021, UK manufacturers raised prices by the most since 1980 as they passed on the soaring cost of raw materials.

Yet, while the economic challenges of the time share some commonality with today’s, the reasons for these issues differ greatly.

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