Got a feeling the above answer is either from a text book or Wikipedia!
In short, it was but not really anymore. The 'New Right' is now kind of accepted as the norm, rather than something new and different. It was the name given to much of the stuff developed under Margaret Thatcher in the 1980s. In simple terms it was the idea that the economy should be left to its own devices, i.e. the forces of the market rather than a government intervening and forcing a change and also a similar idea with society - the idea that people should look after themselves rather than expect everything to be done for them by the government. This is where the term economic and social 'liberalism' come form, meaning in this case a general lack of intervention. Privatisation, or the process of making a government owned business private (like all the others in the market) was also a feature, this represents another theme of the New Right which is increased competition in order to make businesses more efficient.
Thats pretty much it in a nutshell.