Ideological Crossroads

Will free markets be at the heart of the British Right's future?

This week, a few IEA staff visited Birmingham for the Conservative Party Conference.

The mood was, to my surprise, rather optimistic. After a sweeping defeat at the election this summer, one would have expected attendees to be significantly less cheerful.

However, the Conservative leadership election coupled with some time in opposition has kicked off a much-needed period of reflection. Attendees were receptive to the idea that free market principles had been practically abandoned during the party’s time in government, and were interested to hear what think tanks like the IEA had to say.

One major theme in conference discussions was intergenerational inequality. I found myself on speaking at three separate fringe events on the topic, including one organised by the IEA (see below).

It is no wonder conference delegates were interested in this topic. The age at which voters become more likely to choose the Conservatives than Labour was 63 in the election this year, up from 39 in 2019. Without a change of course, this spells near-extinction for the Conservative Party. So why is it happening?

With housing increasingly unaffordable and NIMBYism rife within the party, it is no wonder that younger generations are turning away from the Tories. Young people are also facing a crisis of worklessness. One in ten people are on long-term sickness benefits. In 2021–22, 63,392 people went from being economically inactive because they were studying, to being economically inactive because they were long-term sick. The economic consequences of such a significant proportion of the labour market being inactive is dire, but more than anything, this is a terrible waste of human potential.

With Nigel Farage’s insurgent Reform Party polling better among young voters than the Conservatives, it seems clear that the economic prospects of Britain’s youth and what any party has to offer them will be a decisive factor in deciding the future of the British Right.

The lines have been drawn and the ideological battle is well underway. Here’s hoping that freer markets are a defining feature of that future.

Reem Ibrahim
IEA Acting Director of Communications

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“Boomer vs Zoomer”, IEA Executive Director Tom Clougherty, Jack Rankin MP, Andrew Griffith MP, IEA Acting Director of Communications Reem Ibrahim, IEA Policy Fellow Matthew Lesh, IEA YouTube

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• Conservative Optimism, UK's Energy Emergency & Shadowy Conferences, IEA Podcast, Executive Director Tom Clougherty, Editorial Director Kristian Niemietz and Managing Editor Daniel Freeman, IEA YouTube

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IEA at Conservative Party Conference

The IEA held several well-attended events at Conservative Party Conference this week, covering intergenerational inequality, personal and economic liberty, and the ‘abundance agenda’.

Our Executive Director Tom Clougherty and Acting Director of Communications Reem Ibrahim also spoke at fringe events held by other organisations.

• “Is the Conservative Party ready to talk about tax?”, IEA Executive Director Tom Clougherty, The Spectator

• “Boomer or bust?”, IEA Acting Director of Communications Reem Ibrahim, CapX

  

• “A legacy betrayed: Can the Conservatives ever again be the party of low tax?”, IEA Acting Director of Communications Reem Ibrahim, TaxPayers’ Alliance

  

• Lord Frost: The Tories have to ‘make freedom exciting’, The Daily Telegraph

  

  At the Institute of Economic Affairs event, titled Can the Conservative Party Rediscover Its Love of Freedom, Lord Frost said that Conservative policies such as the tobacco ban and bringing back National Service were anti-libertarian and the party had to get back to being the party of small state and personal responsibility.

  He said: “The Telegraph column I got the most reaction to was when I talked about rent controls and remembering the days when you could use your own property as you saw fit… We have got to make freedom exciting. Too often we make it sound like a burden, but it’s about getting on with your life and being a grown-up.”

• “Let’s be honest… the Conservatives are deluded”, IEA Public Policy Fellow Matthew Lesh, CityAM

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News, Views & Upcoming Events

“James Cleverly MP Reveals His Vision for the UK | In Conversation”, IEA Executive Director Tom Clougherty sits down with The Rt Hon James Cleverly MP, IEA YouTube

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“Bailey hints at more aggressive interest rate cuts”, IEA Economics Fellow Julian Jessop quoted in the Express

Julian Jessop, at the Institute of Economic Affairs, added: "It is good to hear the Governor raising the prospect of faster cuts in future , but the reality is rates are too high now. With the full effects of past increases still coming through , the Bank risks falling further behind."

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“Landlords are worried about rent controls. Will Labour introduce them to cap record-high rents?”, IEA research referenced in the Big Issue

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