Socialist governments traditionally do make a financial mess. They always run out of other people’s money. It’s quite a characteristic of them.

More from Margaret Thatcher

• A man may climb Everest for himself, but at the summit he plants his country’s flag.
• Being in power is like being a lady. If you have to tell people you are, you aren't.
• Constitutions have to be written on hearts, not just paper.
• Defeat—I do not recognise the meaning of the word!
• For every idealistic peacemaker willing to renounce his self-defence in favour of a weapons-free world, there is at least one warmaker anxious to exploit the other’s good intentions.
• For my part, I favour an approach to statecraft that embraces principles, as long as it is not stifled by them; and I prefer such principles to be accompanied by steel along with good intentions.