The country was bankrupt, begging for loans from the IMF, basic taxation was 33% with the top rate at 80%+ and a government which had totally lost authority.
Industrial unrest was rife and the Unions really ruled the roost, what a mess.
Plenty for the Iron Lady to get her teeth into and by the time she stepped down as Prime Minister in 1990 we had nearly all the Nationalised Industries de-nationalised and making profit, definitely the government was running the country and base rate taxation was 25% with the top rate at 40% plus she had won the Falklands war.
The UK economy was the 4th largest in the world an only 2nd behind Japan in foreign investments, some turn around.
The only thing which stopped Margaret Thatcher achieving more was because she was held back by the jealous, weak and left wing establishment members of her cabinet Michael Heseltine, Ken Clark, Chris Patton, Geoffrey Howe & Co who constantly tried to hold her back, particularly with their obsession with Europe but it was a tribute to Margaret Thatcher that she insisted on all opinions within her cabinet, unlike the recent governments. It was these very people who, in the end, nearly destroyed the Conservative Party and put them out of power for over a decade!
But Margaret Thatcher is a giant collosous compared to these minnows and stands foursquare as our greatest peace time Prime Minister, may she be in our lives for many years to come.