One thing I might add is that there is an ideological angle to this. Boris Johnson is not really a conservative. The party tolerate this on pragmatic grounds Provided he is a personal electoral asset.
Big state dirigism can be swallowed if it is going to win. But if not nostalgia for low tax conservatism might reassert itself.
You might argue that the big state dirigism is a structural necessity now and a new candidate will face it as squarely as Johnson. Even if so that might not prevent a few twitches of the free market Tory corpse. (In the form of a coup).
• • •
Missing some Tweet in this thread? You can try to
force a refresh
Exactly right. Johnson takes the judgement that the 'tidal wave' doesn't justify another lockdown, but he wants to scare people out of hospitality to reduce infections, without compensating businesses.
He wants to look like he is taking action, distract from the parties topic, and do this without antagonising the Covid Research Group who are anti-lockdowns, which they think are 'socialist'. As @help_its_louis remarks, in some ways we are back to the start of the pandemic.
Sadly, very important economic and public health decisions, are highly politicized. Not that these decisions shouldn't be taken by those we elect. But that they shouldn't be coloured by the decision maker's political fortunes.
Wonder if Haldane will stick it out for much longer now we are told there is no new money for ‘Levelling Up’.
Can’t really expect The Department For Taking a Bit Away From Here and Adding it There to work miracles snd undo centuries of place based disadvantage.
White Paper 1: ‘we must take away a bit here and add it there’.
Musing aloud about the major global macro themes. These seem to be...
1. How much team transitory was wrong, initially, and what central banks will / should do about it. Complicated by the recent change in the Fed targeting regime which has confused things.
2. The vanishing labour supply, post covid. Super-imposed [particularly in the US] on the vanishing male labour supply longer term.
Agree with almost all of this column. Except. A big reason why the Tories aren’t trying to privatize the NHS is because it isn’t popular. And it’s not popular because the idea is frequently talked about, and negatively.
Effort spent defending itself against privatization charges is not likely to be very large, and it is naive to think that it simply impedes good natured work towards reform. It’s part of what underpins the status quo.
It seems unlikely to me that somehow Brits are ideologically wedded to public provision. It’s what they know; and regularly contrasting it with other private provision models helps mould the view that what they know is best stuck to.