Thatcher's policies worked then, and they would work now. Competition does not disappear with time, making privatizing industry just as legitimate as back then. Budget cuts are more relevant now then ever, with Government spending out of control, and would almost certainly help. As for welfare cuts, more people are on welfare then then there have been since the depression, and while it is more a matter of opinion, welfare cuts would almost inevitably lead to less welfare and more people working.
All of Thatcher's cuts apply to this day and more need to be made. Thatcher's policies are also no nonsense as well, just what we need in this day and age. And welfare cuts are also needed and this would bring down the amount of people of welfare and hopefully push up employment figures.
It's very easy for people who weren't poorly affected by her policies in the 1980s to say that it worked. But the fact is they were very unfair and discriminated against certain people according to their job, town/city, and social class. What we need today is growth to stimulate the economy, not austerity.