There were very real reasons for the industrial relations problems in the 1970's. Should they occur today, I would imagine there would be great resentment and unrest amongst working people and - if not an outbreak of industrial action - a huge drop in morale and productivity.
1973 was the start of the oil crisis when the OPEC embargo against certain countries, including the US and the UK, resulted in oil prices quadrupling from $3 a barrel to $12 a barrel. This obviously had a very significant effect on other prices, because of the massive increase to transport and other costs.
In 1974 the Conservatives lost their majority and Labour formed a coalition with smaller parties. Inflation in that year was still very high, running at an average of 25%, with a peak rate of 27%. The Labour coalition government managed to secure the "Social Contract" capping increases in pay to 5%. But by 1979, after five years of restraint, resentment was building. People like the Ford workers, a company making huge profits which had given its CEO an 80% pay rise, decided they'd had enough of restraint when it applied only to them. Other workers also demanded that their unions return to "free collective bargaining" on their behalf.
According to an Archive article published in 2008 on the BBC news website:
"......... Union membership has halved. Privatisation and the loss of manufacturing has emasculated the most powerful of the trade unions.
"One great achievement, according to Rodney Bickerstaffe, to rise from the ashes of defeat: the minimum wage, finally introduced in 1999.
"And the TUC struggles, still, to protect vulnerable workers, both migrant labour, and the hundreds of thousands of low-paid Britons."
Meanwhile, in 2011 The High Pay Commission reported that:
"the average wage has risen by around 300 per cent since 1980, while the highest paid company executives’ “stratospheric” pay increases have soared by more than 4,000 per cent over the same period.
Yet it is people on average pay asking for a pay increase and the unions representing them who are described as "greedy"!