A succession of primarily Labour governments, although Edward Heath's Conservatives also had a crack at it, had led the government to the precipice of bankruptcy, largely fuelled by a confrontational union movement that was holding the government to ransom in a bid to keep wages in line with the out of control inflation, at the time a shade under 25%.

A sovereign currency-issuing government "CANNOT" become insolvent in its own currency. Both RayGun and Thatcher pushed the falsehood of "There is no "public money, only taxpayer money" because voters could easily relate to how their own finances worked. This is the major key to promoting neoliberalism worldwide and that will very soon give us global fascism.

Since the time of Jimmy Carter, there have been steady, positive, increases in each administration bar that of George W Bush. The biggest surge was with Donald Trump. Also very impressive were the increases under Clinton and Obama.

One can only assume that you are using the stock market as your metric of choice. It is the only such metric that has shown positive gains over those administrations. The "real" economy where most of us live has been a disaster over that time with labor only now making some headway.