period of widespread economic slowdown and industrial strife in the 1970s, the Conservative government of the 1980s under Margaret Thatcher initiated a radical policy of monetarism, deregulation, particularly of the financial sector (for example, the Big Bang in 1986) and labour markets, the sale of state-owned companies (privatisation), and the withdrawal of subsidies to others. In 1982, Argentina invaded the British territories of South Georgia and the Falkland Islands. The occupation provoked a military response from the United Kingdom leading to the Falklands War which lasted for 10 weeks. Argentine forces were defeated and surrendered to British troops. The inhabitants of the islands are predominantly descendants of British settlers, and strongly favour British sovereignty, as shown by a 2013 referendum. From 1984, the UK economy was helped by the inflow of substantial North Sea oil revenues. Around the end of the 20th century, there were major changes to the governance of the UK with the establishment of devolved administrations for Scotland, Wales and Northern Ireland. The statutory incorporation followed acceptance of the European Convention on Human Rights. The UK remained a Great Power with global diplomatic and military influence and a leading role in the United Nations and NATO. 21st century The UK broadly supported the United States' approach to the "war on terror" in the early years of the 21st century. Controversy surrounded some of Britain's overseas military deployments, particularly in Afghanistan and Iraq. The 2008 global financial crisis severely affected the UK economy. The Cameron–Clegg coalition government of 2010 introduced austerity measures intended to tackle the substantial public deficits which resulted. The devolved Scottish Government and UK Government agreed for a referendum to be held on Scottish independence in 2014. This referendum resulted in the electorate in Scotland voting by 55.3 to 44.7% for Scotland to remain part of the United Kingdom. In 2016, 51.9 per cent of voters in the United Kingdom voted to leave the European Union. The UK left the EU on 31 January 2020 and completed its withdrawal in full at the end of that year. The COVID-19 pandemic had a severe impact on the UK's economy, caused major disruptions to education and had far-reaching impacts on society and politics in 2020 and 2021. The United Kingdom was the first country in the world to use an approved COVID-19 vaccine, they also developed their own vaccine between Oxford University and AstraZeneca which allowed them