The right wing narrative claims because Labour was in power, Labour was to blame.
Clearly the UK economy suffers and rebounds with the world economy, which itself is affected ultimately by the availability of energy.
the UK's particular problems in the 1970's was related to world growth and market error. How could the normal financial markets not have confidence in the UK, a nation that had paid back debt of over 200% of GDP down to 50% within a couple of decades and but for a few years of poor world economic growth penalise britain with high interest rates to roll over the national debt?
That is market failure. Labour managed the energy crisis rather well. We still had over 2% growth at the end of 1979.
what we can see, is that under the tories, the UK economy in the 1990's was extremely severe compared to world growth. Tories make mad situations worse.