Do Conservatives still believe in capitalism?
Do they still have faith in their economic model?
Most striking are the prominent Conservatives rubbishing their old model.
In a piece headlined “Capitalism as we know it has failed”, Theresa May’s former chief of staff, Nick Timothy, argued that the UK economy created a nation of “serfs to debt, trapped by low pay and bloated assets”. Britain, he wrote, had been hooked on cheap credit and ripped off by financial engineering.
https://www.telegraph.co.uk/news/2023/07/02/capitalism-has-failed-even-the-tories-cant-defend-it/
The message from both Timothy and Gove is that traditional Tory economics, from Thatcher through to David Cameron and George Osborne, have failed Britain.
This is not just a problem for British Conservatives, but for right of centre parties across the west. The collapse of their economic model has seen them retreat into nativism, traditionalist social policies and cultural conflicts.
Robert Shrimsley FT 12 July 2023
https://www.ft.com/content/2c103989-6883-4b34-9b47-560779e6bc4c
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