Sir Brandon Lewis is the Member of Parliament for Great Yarmouth, and has previously served in several Cabinet positions.
In these challenging times for the Conservative Party, and after a long time in Government facing a dizzying array of challenges, it can be easy to forget some of our cherished core principles. This often elicits criticism from colleagues in parliament, commentators and party members, and is a useful corrective to the inevitable compromises that are an inevitable part of running a major country.
Increasingly, with some of those cornerstone ideals I worry that we are in danger of losing sight of the free market economic ideas that have been so successful and beneficial to this country whenever adopted. When fused with conservative principles around law and order and the importance of family and social mobility, an understanding that the market self-corrects and provides immense prosperity and opportunity is a winning recipe for Conservatives.
The case of the proposed takeover of the Telegraph Media Group is one case where I fear we are at risk of losing our faith in the free market (something championed by the publications in the Group).
Some are concerned about potential editorial influence from the United Arab Emirates, due to the money that constitutes part of the deal. That there is a passive investor involved, owned by a UAE minister, is true, as is the fact that they are indeed passive (as well as strong British allies) and that there are legal protections that will ensure they have zero ability to influence the editorial line.
But as a free-market Conservative, I put my confidence instead in the unrivalled ability of the market to ensure the Telegraph and Spectator do not become a mouthpiece for anyone, Emirati or otherwise.
Following this deal, no publications will be under greater scrutiny. Put yourselves in the position of the Times, Guardian, or Daily Mail. If some horrendous human rights abuse were uncovered in Dubai, and the Telegraph or Spectator neglected to cover it fully and frankly, competitors would be gifted the ultimate competitive advantage.
The Telegraph’s reputation as a trusted and impartial reporter on news and current affairs would be crushed immediately, and readers would, quite rightly, desert it in favour of other papers. This happens in every other industry where there is even a modicum of competition; indeed it is this creative tension that drives improvements in goods and services, pushes innovation and drives down costs for consumers.
Why would it be any different in media?
What I’ve described is, of course, the very essence of capitalism, and why it is the first and only economic system in history that isn’t a zero-sum game. I am of the firm belief that we should speak up for the genius of free market capitalism much more than we do at the moment; too much ground has been ceded on this argument when it is fundamental to creating the kind of open society we enjoy today, not to mention the abundant goods and services we all take for granted.
This isn’t possible without masses of investment. The City of London is the world’s best vehicle for generating and apportioning investment, and foreign direct investment is normally something we praise very highly. I’m worried that in the hysteria around this purchase, we have lost sight of what a boon it is that Britain is still a place that is so attractive to foreign direct investment, and the jobs and opportunities it creates.
Imagine what the Telegraph can achieve with such investment. The kinds of business expertise and financial firepower that the new owners could deploy (should the deal go ahead) will help the brand with its amazing campaigns and reporting, and help spread and grow the quality journalism with which it is rightly associated.
I for one am excited at the idea of such iconic British brands being able to expand globally and fly the flag around the world across the US and other English-speaking countries, just as we see welcome conservative shifts in Canada, New Zealand and beyond.
The potential to grow, and become an established international brand, is predicated on the value of the brand these companies have. That brand value is inextricably tied up in its journalistic reputation for objectivity and independence.
As a free market conservative, I trust the power of the market. What that really means is that I trust the judgement of millions and millions of people all operating in just the way that Milton Friedman or Friedrich Hayek would explain. That means I believe that the fears around the Telegraph are misguided. We can and should support British businesses, encourage direct investment – and accept the reality of the free market.
Sir Brandon Lewis is the Member of Parliament for Great Yarmouth, and has previously served in several Cabinet positions.
In these challenging times for the Conservative Party, and after a long time in Government facing a dizzying array of challenges, it can be easy to forget some of our cherished core principles. This often elicits criticism from colleagues in parliament, commentators and party members, and is a useful corrective to the inevitable compromises that are an inevitable part of running a major country.
Increasingly, with some of those cornerstone ideals I worry that we are in danger of losing sight of the free market economic ideas that have been so successful and beneficial to this country whenever adopted. When fused with conservative principles around law and order and the importance of family and social mobility, an understanding that the market self-corrects and provides immense prosperity and opportunity is a winning recipe for Conservatives.
The case of the proposed takeover of the Telegraph Media Group is one case where I fear we are at risk of losing our faith in the free market (something championed by the publications in the Group).
Some are concerned about potential editorial influence from the United Arab Emirates, due to the money that constitutes part of the deal. That there is a passive investor involved, owned by a UAE minister, is true, as is the fact that they are indeed passive (as well as strong British allies) and that there are legal protections that will ensure they have zero ability to influence the editorial line.
But as a free-market Conservative, I put my confidence instead in the unrivalled ability of the market to ensure the Telegraph and Spectator do not become a mouthpiece for anyone, Emirati or otherwise.
Following this deal, no publications will be under greater scrutiny. Put yourselves in the position of the Times, Guardian, or Daily Mail. If some horrendous human rights abuse were uncovered in Dubai, and the Telegraph or Spectator neglected to cover it fully and frankly, competitors would be gifted the ultimate competitive advantage.
The Telegraph’s reputation as a trusted and impartial reporter on news and current affairs would be crushed immediately, and readers would, quite rightly, desert it in favour of other papers. This happens in every other industry where there is even a modicum of competition; indeed it is this creative tension that drives improvements in goods and services, pushes innovation and drives down costs for consumers.
Why would it be any different in media?
What I’ve described is, of course, the very essence of capitalism, and why it is the first and only economic system in history that isn’t a zero-sum game. I am of the firm belief that we should speak up for the genius of free market capitalism much more than we do at the moment; too much ground has been ceded on this argument when it is fundamental to creating the kind of open society we enjoy today, not to mention the abundant goods and services we all take for granted.
This isn’t possible without masses of investment. The City of London is the world’s best vehicle for generating and apportioning investment, and foreign direct investment is normally something we praise very highly. I’m worried that in the hysteria around this purchase, we have lost sight of what a boon it is that Britain is still a place that is so attractive to foreign direct investment, and the jobs and opportunities it creates.
Imagine what the Telegraph can achieve with such investment. The kinds of business expertise and financial firepower that the new owners could deploy (should the deal go ahead) will help the brand with its amazing campaigns and reporting, and help spread and grow the quality journalism with which it is rightly associated.
I for one am excited at the idea of such iconic British brands being able to expand globally and fly the flag around the world across the US and other English-speaking countries, just as we see welcome conservative shifts in Canada, New Zealand and beyond.
The potential to grow, and become an established international brand, is predicated on the value of the brand these companies have. That brand value is inextricably tied up in its journalistic reputation for objectivity and independence.
As a free market conservative, I trust the power of the market. What that really means is that I trust the judgement of millions and millions of people all operating in just the way that Milton Friedman or Friedrich Hayek would explain. That means I believe that the fears around the Telegraph are misguided. We can and should support British businesses, encourage direct investment – and accept the reality of the free market.