Rishi Sunak’s first task on becoming prime minister a year ago was to restore Britain’s status as a country of serious government. Boris Johnson’s wrecking-ball approach to European diplomacy had undermined that reputation. Liz Truss’s adventures in fiscal fantasy incinerated it. It says a lot about the modern Conservatives that Mr Sunak was anointed by MPs without a contest. The restoration of stability depended on keeping grassroots members away from the selection.
Compared with the unhinged image Britain had a year ago, the country looks stable, but stability is not enough when indistinguishable from stagnation. The imposition of budget discipline has appeased financial markets, but it left no capacity for the investment necessary to repair a decaying public realm.
