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Fixed that for you.I think that you will find a more appropriate statement is:
"She administered the medicine that saved the UK from becoming a third world country; and told everyone that it was 'the cure for all ills'."
If you live your life yearning for the good old days of the 70's when the UK was the sick man of Europe and the unions ran this country but at least things were "egalitarian", the only thing I can say is be careful what you wish for
What happened to people of a few hard hit sectors was very unfortunate, the government simply could not support nonviable industries for the purpose of simply maintaining make-work jobs.
In 1979 Britain’s GDP per capita hadn’t grown for 10 years. No business or country can survive if its costs are equal or greater than its income.