The Guardian view on Tory economics: Britain’s future needs more than Thatcher’s past | Editorial

The Conservatives have placed the blame for their shortcomings on their abandonment of the principles set forth in the 1976 statement, "The Right Approach." However, the nation requires investment and resilience rather than additional rounds of spending cuts. In her recent manifesto, The Right Way, released over the weekend, party leader Kemi Badenoch outlines the party's intellectual lineage, repeatedly referencing Margaret Thatcher's 1976 policy statement.

The Conservative party's proposed economic framework for 2026 is grounded in the belief that only private enterprise generates wealth. They argue that taxes, regulation, and spending can impede growth and competition, and thus, markets are essential for strengthening the country. Mrs. Badenoch's shadow chancellor, Andrew Griffith, emphasized that the Conservative government's failures over the past 14 years can be attributed to the party deviating from Thatcherite principles.

One could argue that the errors arose because the party blindly adhered to such a creed. For instance, in 2017, the Conservative government acknowledged that the Rough gasfield, which once provided about 70% of the UK's gas-storage capacity, was uneconomic. Private owners decided to close it, and the Conservative government accepted that international markets could provide the UK with adequate energy security.

Unfortunately, this proved to be a significant mistake when Russia invaded Ukraine, driving up fossil fuel prices. The UK became particularly vulnerable as a net energy importer and heavily reliant on gas. Mrs. Badenoch attributes the Rough gasfield's reopening in 2022 to "false economies." However, the real issue was prioritizing private profitability over the country's needs.