The ailing kingdom needs less ideology and more British pragmatism after the chaotic Johnson era.
(Photo: dpa)
“Hasta la vista, baby!” Only three hours after Boris Johnson ended his last appearance in the British House of Commons with this ambiguous farewell, the announced “reunion” took place. Not with the prime minister on call, but with his political lieutenant Liz Truss, who qualified for the runoff against former finance minister Rishi Sunak on Wednesday night.
Should Johnson’s foreign secretary be elected Tory leader and thus the new prime minister by the conservative party people, Great Britain is threatened with déjà vu with an economic policy driven more by ideology than by economic reason.
The former Liberal Democrat and former supporter of British EU membership has become the figurehead of the political right and Brexit orthodox in a remarkable political turnaround.
This does not bode well for the UK economy. Truss stands for a tough course in the trade dispute with the EU over the Northern Ireland Protocol. And in the fight against the stagflation crisis in Great Britain, it relies on the panacea of conservative economic policy: tax cuts.
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With this, the would-be Maggie Thatcher may be able to convince the predominantly older, male and Eurosceptic party base that she will not end Britain’s economic misery that way.
>> Read here: Rishi Sunak – The Downing Street perfectionist is now very close to his big goal
The ailing kingdom needs less ideology and more British pragmatism after the chaotic Johnson era. In view of the sharp rise in the cost of living, citizens and companies need to be relieved. However, the painstakingly consolidated state finances must not be sacrificed for this.
Targeted financial aid for private households and attractive write-off options for companies are therefore better than widespread tax breaks.
The bitter truth, not only for the British but also for the other industrialized nations, is that the crisis mix of high inflation rates and geopolitical upheavals is making everyone poorer. While Sunak is at least not afraid to say so openly, Truss pretends to her compatriots that low taxes and nationalistic tones in trade policy are a shortcut out of the worst economic crisis in 50 years.
No vision and no competence
With the idea of compassionate conservatism (“levelling-up”), Boris Johnson had at least one guiding principle to hold together the kingdom, which was shaped by class differences, economic inequality and historical-cultural tensions. However, he lacked perseverance and competence.
Truss does not have a unifying vision for Britain, nor do her proposals indicate the economic capacity to lead the country out of the crisis. At least Sunak has the economic competence.
More: Mordaunt is out – Rishi Sunak and Liz Truss are in contention for Johnson’s successor