Britain’s economic and social challenges are now so monumental that they require a response on a transformational scale. Addressing a failing capitalism and a society grossly disfigured by inequality and collapsing public services rests, above all, on a repudiation of the laissez-faire economics of the past 45 years. But the most serious failure of Conservatism is the despair it has created about Britain’s future. Without a feasible, inspiring vision of our future, we cannot reach first base – a revival of sustained growth.
The prerequisite for growth is investment that drives productivity. That is a truism. Britain does not invest sufficiently. But no business invests in a wider economic, social and political vacuum. Nor, indeed, does government. The heart of the right’s failure is that it has no plausible story to fill this gaping vacuum. The right, with its vision of Britain’s exceptionalism, rooted in lost 19th-century glories of free trade, empire and victory in two world wars, is grotesquely out of kilter with what Britain now is, how contemporary capitalism works and what vision might inspire most of our entrepreneurs and people.
