FT – Editorial: The word “change” has ricocheted around the British election campaign. All the main parties, including the incumbent Labour government, have promised it, with varying degrees of plausibility. None has managed to convince a wary public.
To some extent this is because the electorate is uncertain about the change it wants. The national mood veers between cynicism and contempt towards politicians. The main beneficiaries have been the Liberal Democrats, who have transformed themselves, partly by virtue of novelty, from marginal players into potential partners in a future government.
But the parties have not articulated convincingly what change means. The campaign has focused too much on personalities rather than matters of substance. The televised debates between the party leaders briefly captured the popular imagination, but the price was to foster the idea of politics as game show. Real differences on policy have been obscured.
None of the parties has tackled head-on the question of how to restore Britain’s public finances. This year, the UK is expected to run a fiscal deficit of 11.1 per cent of national output – or £163bn. The parties have not been straight with the public about the austerity that lies ahead. Whoever enters Number 10 may suffer a form of winner’s curse.
The Financial Times has no fixed political allegiances. We stand for a liberal agenda: a small state, social justice and open international markets. But we do have a vision of the changes needed for economic and political renewal. It is on this basis that we judge the fitness of the contenders for power.
The problems facing the UK are daunting – more so than at any time since the 1970s. Then, as now, there was much talk of national decline. But Britain’s difficulties are not insurmountable. Strong leadership under Margaret Thatcher made the difference in 1979. Similar resolve is required today.
The economic challenge goes beyond the need to restore the public finances. The state has grown too large, accounting for 48 per cent of national output. Its sprawling size threatens to stifle the economy, crimping private enterprise and the wealth creation vital to preserve Britain’s standing in the world. It must be hacked back. >>> FT Editorial | Monday, May 03, 2010
