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The Thatcher privatisations

Ten sales under Margaret Thatcher, from 1979 to 1990, each raised at least £500m for the government. British Gas raised the most, £7,731m.

The full list

1981–1985: sales completed by 1985 3

Britoil and Cable & Wireless were sold in stages, the last in 1985, and the first British Telecom sale was in November 1984.

• British Telecom
• Britoil
• Cable & Wireless

1986–1987: sales from December 1986 to October 1987 5

Five sales between December 1986 and October 1987, from British Gas to the government's final sale of BP shares.

• British Gas
• BP
• Rolls-Royce
• BAA
• British Airways

1988–1989: sales completed in 1988 and 1989 2

British Steel in December 1988 and the ten water authorities of England and Wales, sold together, in December 1989.

• Water authorities (England and Wales)
• British Steel

Not on the list

• British Aerospace: Below the threshold: £389m in total.
• Enterprise Oil: Below the threshold: £380m, 1984.
• Jaguar: Sold in 1984 by British Leyland, which received the £295m.
• Royal Ordnance: Below the threshold: £189m, 1987.

Questions

What were the biggest Thatcher privatisations?

Ten sales under Margaret Thatcher, from 1979 to 1990, each raised at least £500m for the government. British Gas raised the most, £7,731m.

Which sales are on the list?

British Gas, BP, British Telecom, Water authorities (England and Wales), British Steel, Rolls-Royce, BAA, Britoil, Cable & Wireless and British Airways.

What is an easy way to remember them?

3-5-2: three completed by 1985 (BT, Britoil, Cable & Wireless), five in 1986 and 1987 (British Gas, BP, Rolls-Royce, BAA, British Airways), and two in 1988 and 1989 (British Steel, the water authorities).

More lists

Each name checked against at least two sources, one of them House of Commons Library - Privatisation, on 29 September 2026. Next review by 28 September 2028.
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