Indeed. Things could not continue on that basis.
That said, quite how close the country really was, to economic collapse is a pretty good question. By current standards we were actually in pretty good shape.
It would be simplistic to say Thatcher was elected to fight the unions - her intention to counter the huge inflation of the time was a major factor, and the obvious failure of anything tried up to that time, meant that voters were willing to support new and radical policies.
But she certainly WAS elected, and re-elected, to confront the unions and a lot of working people supported her in that. Look at the map of the result - to claim that she was supported in the South and rejected in the North, really doesn't bear examination
I'm afraid that I'm no believer in the endless re-visiting of "old, unhappy, far-off things, and battles long ago". Those days are gone, for better or worse.
plus ca change, plus c'est le meme chose