While the Conservative Party lost power in 1974, Thatcher became a dominant force in her political party. She was elected leader of the Conservative Party in 1975. With this victory, Thatcher became the first woman to serve as the opposition leader in the House of Commons. England was in a time of economic and political turmoil, with the government nearly bankrupt, employment on the rise and conflicts with labour unions. This instability helped return Conservatives to power in 1979. As party leader, Thatcher made history in May 1979, when she was appointed Britain's first female prime minister.
She was the longest - serving British prime minister of the 20th century, and the first woman to have held the office. A Soviet journalist dubbed her The Iron Lady, a nickname that became associated with her uncompromising politics and leadership style. As Prime Minister, she implemented policies that have come to be known as Thatcherism.
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