The death of Thatcherism was acknowledged by the Brexiter-in-Chief, Boris Johnson, who celebrated the ruling party’s gain in the regional and local elections. As soon as Johnson held office, he proved that his views and ideas could not be more different than Margaret Thatcher. Where she raised the standard for the small state, public thrift and creative destruction, Johnson presented a legislative agenda called ‘One-nation Conservatism’.
The one-nation conservatism agenda of Johnson places the state in the middle for stimulating growth and increasing economic opportunity in the poor regions of England. He intends for the UK to lead the world in life sciences and hundreds of millions of pounds have already been poured into this scheme. Billions of dollars are expected to be allocated to upgrade the infrastructure in the country, and billions more to provide for those who couldn’t make it to university.
The Treasury is deeply concerned about the spending of public money to rejuvenate the North and predicts a severe financial squeeze in the future, especially as Johnson promises more spending, freezing tax rates and borrowing less. It seems that Johnson’s driving force is politics, not conviction and as always, he will be unable to keep up with his promises which does not bode well for the future of the UK.