After Theresa May became Prime Minister, she cast herself as a critic of free market Thatcherism. Unlike many Conservatives, she spoke of the state as an ally, rather than an enemy, and vowed to intervene to fix “broken markets”. May recognised that the Brexit vote was a symptom of economic and social discontent, rather than merely hostility to the EU.
The 2008 financial crisis led to an enduring loss of faith in economic elites. Capitalism has since failed to deliver on its promise of rising living standards for the majority. And voters have grown ever more weary of public spending cuts. In recognition of this, the 2017 Conservative manifesto declared: “We do not believe in untrammelled free markets. We reject the cult of selfish individualism. We abhor social division, injustice, unfairness and inequality. We see rigid dogma and ideology not just as needless but dangerous.” (Though the policies were not as radical as the rhetoric.)
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