Sunday 7 July 2024

After the UK election, what is the future of British conservatism?

Conservative Party MP (and Austrian economics enthusiast) Steve Baker lost his High Wycombe seat in the UK election. He was asked about the future of the Conservative Party, about which he has himself been severely critical even when in government, and if "small c" conservative policies were the cause of Britain's problems. [Starts at 9:16]

“GB NEWS INTERVIEWER: What is the future of British conservatism?”

“Whatever problems Britain has got, they weren't caused by government being limited, by taxes being too low, by budgets being balanced, or by debt being too low — or even by money being too tight with high interest rates, because we haven't had those. …
    “The problem is that we've had big government. High spending. Lots of debt, QE and cheap credit. That is not conservative economic policy. And the problem is we've really — and I've said this in all the interviews I've done for 50 years — the [whole] Western world has been living systematically beyond its means and using cheap credit and now QE to cover the gap. And you can't do that without manufacturing Mass Injustice. This is why people can't afford houses — young people particularly. If you pump lots of cheap credit into houses don't be surprised if the price soars, particularly when planning law constrains the supply of land.
    “These are disastrous policies. But in the end, they arise because the state spends too much. So the future of conservatism actually is to face the real world as it is which is that you can't spend more than you're earning in the long run. And your viewers know that.”

 Meanwhile, Razi Ginsberg and Morgan Carter at the Ayn Rand Centre UK observe that things can only get worse ...

No comments: