The Tories are throwing away their reputation for economic prudence

BRITAIN’S CONSERVATIVES like to think they are the party of economic competence. Although they have overseen some debacles in recent decades, they have typically had a clear vision for the British economy. In the 1980s, under Margaret Thatcher, they deregulated markets, privatised state-run industries and encouraged home ownership. In the 2010s their defining idea has been fiscal rectitude. By cutting spending and slightly raising taxes they have contained the rise of Britain’s public debt.