Britain’s Economic Model Is Crumbling, but Its Politicians Don’t Want to Face Reality
Thatcherism and austerity have had a devastating impact on British society, with stagnant wages and declining life expectancy. There’s a crying need for radical change, but no mainstream political force is offering to deliver it.
Labour Party leader Keir Starmer delivers a speech during the unveiling of plans for a “Mission-Led” Labour government at Co-Op HQ on February 23, 2023 in Manchester, England. (Dominic Lipinski / Getty Images)
In the 1980s, Margaret Thatcher established an economic model based on the supremacy of finance and the subordination of organized labor that made her the toast of neoliberals around the world. Every British government since then has built upon the Thatcherite model without attempting to transform it.
The disastrous results of Thatcherism and its extension under the banner of austerity after the 2008 crash are now visible all around us. Yet the country’s political class has no appetite for the radical reforms that are so badly needed.
This applies to the Labour opposition as well as the Conservative incumbents who have been responsible for the worst of the damage. Despite enjoying a big polling lead, Labour under Keir Starmer seems determined to offer as little as possible, hoping to coast into office without any ambitious plans for social change.
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