The Tories were also in power in 1971 when we went decimal, albeit the board to set it up was convened on 1969 under a Labour government. They were the ones who decided to use the pound as a base unit, rather than the 10/-, which in decimal terms would have made a lot more sense.
This to my mind, is the date from which inflation started in earnest in the UK, and you can blame whoever you like, but that is what set the UK on the downward spiral.
Metrification was similarly fumbled, either we were metric or we weren't, and the reluctance of governments to grasp the nettle, and declare for one or the other, was madness.
Still we do like to gold plate laws from Brussels, and persecute people by using them, while other countries pay only lip service to them, and get on with real life.
e.g. There are fish openly on sale in Spanish markets, that are below the official permitted size for landing. Do the Spaniards do what we do, and chuck them back into the sea dead? Of course not, they are pragmatists, and reckon that it's better feeding people, then feeding crabs in the sea. Meanwhile their fishery inspectors turn a blind eye.
When will people stop blaming named politicians, and realise it's the bureaucrats that run the world, not the Maggies and Tonys!

Rant over.

XG