The Truss premiership proved a false dawn for free marketeers. But there is still an opportunity for the fortunes of Britain and the Conservative Party to revive.
Stability and market confidence have been re-established. That allows the possibility to relax the planned fiscal restraint over the next two years, if global economic circumstances improve.
The moral of this story is that these models provide interesting context – a little like horoscopes. But when it comes to decision-making, give me an economic historian in preference to a model any day.
The first part of a mini-series on ConservativeHome this week about how the Government can help Britain’s economy to grow faster.
Is he fated to be a fire-fighter, a leader grappling with crisis? Or can he find the political space to deliver a more personal message – perhaps to do with education?
We can avoid getting into an argument about whether or not the Government’s plan is an industrial strategy. The Conservative Party has got rather hung up on that term.
It’s hard to know how to reply to voters who say “your mistakes were massive, and we’re paying the price”.
The recent history of the Conservative Party and the country is the ultras have had their way on both policy and personnel. The result – for both party and country – is now clear to see.
“The damage has been done,” and it’s “of the Tories’ making”, he says. “We need an OBR report so we know the extent of the damage.”
“I worry about further political instability and even more further economic instability. But things have to improve.”
“For too long, the political debate has been dominated by the argument about how we distribute a limited economic pie. Instead, we need to grow the pie so that everyone gets a bigger slice.”
“You can trust me to do what it takes. The status quo is not an option. That is why we can’t give in to the voices of decline.”
“We will deliver lower taxes for you and your family. And we will grow our economy. I know we can achieve that goal.”
Kwarteng declares: “With grit, with drive and with determination, we can meet the challenges of this new era.”
As Robert Kennedy put it in 1968: ‘it measures everything, in short, except that which makes life worthwhile’.