Labour are rubbing their hands with glee because they've left the Conservatives in a position to take the stick for all the cuts, in spite of Darling saying the cuts would have to be worse than under Thatcher and the worst in sixty years.
However, Labour are now in the comfort zone of opposition knowing that anything they have to say will not be put to the test. Being in opposition allows parties, should they wish to do so, to try and take the electorate for fools, just like they did the last time the country ran out of money when they were in charge.
When Thatcher got in, the NCB was losing millions at the time, so were most of the other nationalised industries, and the country had finally run out of money with which to subsidise them.
Oh yes, that was what you were thinking of - coal mining.
So upset by the whole deal are those people from ex coal mining towns such as New Ollerton (where I used to live by the way) and Clipstone in north Nottinghamshire, that they have just voted in a Conservative MP - Sherwood, the constituency in question was Labour since 1992 - perhaps they were fed up with Labour doing sod all there for the past 13 years.
Just FYI, Labour are not averse to contentious industry practices of their own - all you need to do is look at what's happened at Redcar Steel just recently, and I think if you check, Clipstone pit closed in 2003.
The Tories were honest, they knew nothing about building ships, building cars, or mining coal and didn’t feel it was their job to do so, even if the country could have afforded it (which it couldn't). So, they cut those uneconomic industries free to sink or swim. They sank, of course, because being nationalised there was absolutely no chance they would ever learn to swim.
Then they invited private (mostly foreign) investors who did know what they were doing to pick over the bones. The case for coal was pretty hopeless but for many other industries, the car industry for example, it was onwards to a glorious and, still to this day like never before, prosperous future.
Of course, it won't shut the unions up though, they're still calling for the railways to be renationalised nearly twenty years later. Many still claim that the unions destroyed the 1970s British car industry. Yet one look at the cars they were throwing together at the time (
http://www.youtube.com/watch?v=bf7q8lWEd-o) would have told you there was nothing left for the unions to do in furtherance of that cause.