WI: Earlier end to the UK post-war economic consensus?

Between 1945 and 1979 the two main UK political parties, Labour and Conservative, both tacitly agreed on a Keynesian economic approach whenever either was in power - a mixed economy of state-owned industries (such as coal/steel) and private enterprise, with high levels of public investment. Come the 1970s this strategy was falling apart with high inflation, inefficient industries run at a loss, and low productivity because of persistent strikes and wage disputes with trade unions.

Margaret Thatcher's 1979 administration replaced this consensus with the policy of monetarism - austerity, privatisation, and deregulation, the shift from a manufacturing economy to a service-based one (banking, enterprise, etc.) an approach that has lasted, more or less, up until to the present day. Could this shift have begun earlier?

Pre-Thatcher monetarists and proto-monetarists included the Conservatives Enoch Powell and Keith Joseph. Thatcher's predecessor as Conservative leader, Edward Heath, battled incessantly with striking unions. Her predecessor as Prime Minister, James Callaghan, was a soft monetarist, recognising that Keynesian economics was nearing the end (although he would have taken a far gentler de-regulatory approach as a Labour politician). Monetarists in Callaghan's cabinet included David Owen, considered a potential future leader.

To wit, could the shift from Keynesian to monetarist economics started before 1979, and in what circumstances? Would the change have been as drastic as it was under Thatcher from 1979-82?
 
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