Speaking on the steps of No. 10 after becoming prime minister, Andy Burnham pinpointed a “series of wrong turns” taken under Margaret Thatcher, including the deindustrialisation of “large parts of the country” that “still haven’t recovered”. Over the 1980s, “political power was centralised and economic power was privatised”, Burnham said. Now, we need a “circuit breaker” and a “new model”.
Undoing the damage Many of the “familiar and formidable” problems facing Burnham can be traced back to deindustrialisation, said The Observer’s senior economics commentator Bill Keegan. Having reindustrialisation “as a central part of his economic strategy” would help the new PM “go some way to undoing the damage Thatcher wrought”.
Under Thatcher’s policies, “inequality increased by a third”, said Andrew Fisher, Labour’s director of policy under Jeremy Corbyn, in The i Paper. Their legacy still haunts us today, in “stagnant growth, higher utility bills, and in deep inequality consolidated by a grossly unfair tax system”.
To bring about change, Burnham needs to set a clear direction from the top of government, said Jonathan Freeland in The Guardian. Ironically, his “model” here has to be Thatcher. During her time in power, “even the most junior official” knew that she wanted to see “less state, more market”. Burnham wants “the opposite”: “political power devolved, and a more active economic state, unafraid of public ownership”.
‘Buzzword bingo’ The UK economy today is “a million miles away from ‘neoliberalism’”, said Kristian Niemietz, of the free-market think-tank Institute of Economic Affairs, in City A.M. There may be “a sensible centre-left answer” to our economic challenges, but it’s unlikely to be found in Burnham’s “fashionable buzzword bingo: deregulation, privatisation, austerity, financialisation, trickle-down economics”.
Modern-day Britain is a “grotesque blend of the worst of Thatcherism with the worst of Blairism”, said Jonny Ball on UnHerd. Any “genuine saviour” will have “to topple” this “mongrel system”. And while the left hope a “charismatic mayor with a warm smile” can “exorcise Thatcher’s ghost”, they shouldn’t lose sight of “the Reformist right” that’s still praying “it will one day complete her unfinished revolution”.
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