Theresa May defends free market economy after Corbyn speech
PM calls capitalism the ‘greatest agent of collective human progress ever created’
The Prime Minister has championed free market economics, one day after Jeremy Corbyn attacked Britain’s “failed model of capitalism” and presented the Labour party as a government in waiting.
Theresa May’s comments, which The Daily Telegraph characterised as a “strong defence” of capitalism, were made in a speech to commemorate 20 years since the Bank of England was given the right to set interest rates.
May called capitalism the “greatest agent of collective human progress ever created” and said prosperity required a tough approach to ensure budgets are balanced.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
“To abandon that balanced approach with unfunded borrowing and significantly higher levels of taxation would damage our economy, threaten jobs, and hurt working people,” she said, adding that “ultimately, that would mean less money for the public services we all rely on.”
The Prime Minister said it was free-market economics that “led societies out of darkness and stagnation and into the light of the modern age”.
Reuters noted that living standards have fallen since the Conservatives came to power in 2010, due to “years of meagre wage growth and bouts of high inflation - including a slowdown caused by last year’s vote to leave the European Union”.
Ed Balls, former Labour shadow chancellor, said May's speech surprised him, as championing the free market felt like bad economics and bad politics.
On Wednesday, Labour leader Jeremy Corbyn attacked May’s economic policies, telling the Labour party conference in Brighton that it was “time we developed a new model to replace the failed dogmas of neo-liberalism”.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
Why Man United finally lost patience with ten Hag
Talking Point After another loss United sacked ten Hag in hopes of success in the Champion's League
By The Week UK Published
-
Who are the markets backing in the US election?
Talking Point Speculators are piling in on the Trump trade. A Harris victory would come as a surprise
By The Week UK Published
-
Crossword: November 3, 2024
The Week's daily crossword
By The Week Staff Published
-
What is the next Tory leader up against?
Today's Big Question Kemi Badenoch or Robert Jenrick will have to unify warring factions and win back disillusioned voters – without alienating the centre ground
By Harriet Marsden, The Week UK Published
-
What is Lammy hoping to achieve in China?
Today's Big Question Foreign secretary heads to Beijing as Labour seeks cooperation on global challenges and courts opportunities for trade and investment
By Harriet Marsden, The Week UK Published
-
Is Britain about to 'boil over'?
Today's Big Question A message shared across far-right groups listed more than 30 potential targets for violence in the UK today
By Sorcha Bradley, The Week UK Published
-
UK's Starmer slams 'far-right thuggery' at riots
Speed Read The anti-immigrant violence was spurred by false rumors that the suspect in the Southport knife attack was an immigrant
By Peter Weber, The Week US Published
-
How could J.D. Vance impact the special relationship?
Today's Big Question Trump's hawkish pick for VP said UK is the first 'truly Islamist country' with a nuclear weapon
By Harriet Marsden, The Week UK Published
-
The Tamils stranded on 'secretive' British island in Indian Ocean
Under the Radar Migrants 'unlawfully detained' since 2021 shipwreck on UK-controlled Diego Garcia, site of important US military base
By Harriet Marsden, The Week UK Published
-
Britain's Labour Party wins in a landslide
Speed Read The Conservatives were unseated after 14 years of rule
By Peter Weber, The Week US Published
-
Will voter apathy and low turnout blight the election?
Today's Big Question Belief that result is 'foregone conclusion', or that politicians can't be trusted, could exacerbate long-term turnout decline
By Harriet Marsden, The Week UK Published