You can find your answer here.
To be fair, it is open to question whether one can compare the current Lib-Con government's lunacy with the Thatcher regime's incompetence. Running a high trade deficit during a recession requires remarkable 'skill' - if that's the right word - but in the 1980s, the UK ran a trade deficit despite the export of North Sea oil, (though it should be noted that crude prices had dipped in the late 1980s).
[Of course, running a trade deficit is justifiable under certain circumstances - ex: during industrialization when one has to import raw materials and can't necessarily export sufficient manufactures to finance the imports. However, I doubt that's the case with the UK.]
#9506964, By RIP Margaret Thatcher