I believe passionately that people have a right, by their own efforts, to benefit their own families, so we have taken down taxation. It doesn't matt… - Margaret Thatcher

We believe that economic progress comes from the inventiveness, ability, determination and the pioneering spirit of extraordinary men and women. If they cannot exercise that spirit here, they will go away to another free enterprise country which will then make more economic progress than we do.

As Conservatives we believe that recovery can only come through the work of individuals. We mustn't forever take refuge behind collective decisions. Each of us must assume our own responsibilities. What we get and what we become depends essentially on our own efforts. For what is the real driving force in society? It's the desire for the individual to do the best for himself and his family. People don't go out to work for the Chancellor of the Exchequer. They go out to work for their family, for their children, to help look after their parents...That's the way society is improved, by millions of people resolving that they'll give their children a better life than they've had themselves. And there's just no substitute for this elemental human instinct, and the worst possible thing a Government can do is to try to smother it completely with a sort of collective alternative. They won't work, they can't work. They crush and destroy something precious and vital in the nation and in the individual spirit.

I am sure you will agree that, in Britain with our democratic institutions and the need for a high degree of consent, some of the measures adopted in Chile are quite unacceptable. Our reform must be in line with our traditions and our Constitution. At times the process may seem painfully slow. But I am certain we shall achieve our reforms in our own way and in our own time. Then they will endure.