Astonishing differences between 1976 and today:-<p>Women were starting to move into the workforce in increasing numbers, so wage pressure was reducing. Unions were still strong, however.<p>Pensions and healthcare costs were relatively small, as there were few old people.<p>The UK was opening up to trade and migration with the continent. International trade was expanding, not contracting.<p>The North Sea oil fields were starting to be exploited, reducing Britain's imported oil price inflation and filling government coffers with royalties.<p>The Government's civil service had not been gutted and replaced at high levels with politically appointed SPADs (special advisers), so it was broadly competent.<p>Murdoch owned very little of the news industry, and there were quite a few newspapers that tried to report events fairly, even when they conflicted with the paper owners' politics.