How far and in what ways does the New Right movement differ from traditional Conservatism?

In the 1979 election Margaret Thatcher led the Conservative party to victory, her 11 year reign as prime minister would mark the end of a post war consensus that had dominated mainstream post-war British Politics. The consensus was based around maintaining the welfare state, full employment and as PM James Callaghan observed managing the gradual decline of Britain. During the 70s, economists such as Friedman and Hayek began to questions the economics of consensus Britain, they saw the poor competition in major British industries and believed inflationary control, low government intervention and the market would heel an ailing economy….(short extract)