Ardross I don't know where you were living in the Callaghan / Healey years [Planet Zog maybe?] - but they WERE horrendous and the country WAS on its knees.
I'd fairly recently gone freelance and suddenly most of my possible clients were bankrupted. A great many of my own friends, running small businesses in all kinds of sectors inc publishers, graphic design studios, building and decorating, you name it - were bankrupted, along with a lots of creative people [writers, artists etc]. Lots of people lost their homes.
If you went abroad, you had to stuff money down your boots - it was so bad you weren't allowed to take more than a derisory sum out. Inflation was so bad - 33% anyone? - if you were lucky enough to get a commission for work, by the time you'd got half way through the job your fee was worthless. Income tax at c.90% anyone? London was a total nightmare - rats in the streets and nursing staff on strike, and friends falling out seriously over all of it.
It was utterly horrible, deeply traumatic, is seared into my memory - and I've never voted Labour since, and never will. The country was ungovernable - utterly in the grip of the unions, which were run by a small cabal of politically motivated demgogues who certainly didn't have their members' nor the country's interests at heart. Thatcher was repellent in many ways, but a 'necessary evil', and don't forget she made as many working class people quite rich, as she made poor. I've never btw understood the romanticising of mining - would you want your son to go down a mine?
Btw it's not true we have low unemployment. There may be 'only' around 1 million registered unemployed, but there are a few more MILLIONS claiming various incapacity benefits etc. The largest EVER percentage of the country of working age is not working, and claiming benefits of one sort or another - the figures are heavily massaged. And I'm not even counting the millions in 'further education' of dubious kinds, who would in previous years have likely also been on the unemployment register. Nor the 88,000 in jail... the highest ever figure - another fine record!