On May 4th, fans of former British Prime Minister Margaret celebrated the thirtieth anniversary of her assuming office.

But for me the date in Thatcher’s career that should be celebrated is not so much May 4th, 1979, but October 10, 1980.

For it was on that day, Thatcher gave her famous “No U-Turn” speech, a speech which marked her as that rarest of all breeds – a politician of conviction.

Prior to that speech the Thatcher government was in serious trouble.

Her free-market friendly economic policies did not seem to be working –more than two million Britons were unemployed, recession gripped the country.

Meanwhile, opinion polls showed support for her Conservative government had fallen to record lows and her personal popularity was dropping sharply.

Consequently, she was under tremendous pressure from the public, from the media, and even from within her own caucus to do a “U-turn” and drop her economic measures.

But Thatcher had other ideas.

On October 10, 1980 she declared to a Conservative convention: “To those waiting with bated breath for that favourite media catch-phrase — the U-turn — I have only one thing to say: You turn if you want to; the Lady’s not for turning.”

The party faithful erupted into wild cheers, but the pundits at the time viewed her stance as tantamount to electoral suicide.

Yet not only did Thatcher survive electorally, but she went on to win to two more majority governments and helped to transform Britain from a basket case to one of Europe’s leading economies.

It’s amazing what a leader who sticks to principles can accomplish.

Perhaps this goes to prove what Thatcher herself once said: “In politics, if you want anything said, ask a man. If you want anything done, ask a woman.”

• Gerry Nicholls's blog