Oliver Dean is a political commentator with Young Voices UK. He studies History and Politics at the London School of Economics and Political Science (LSE) where he is the President of the LSE Hayek Society
To the uninitiated, the annual Margaret Thatcher Conference may seem to be an exercise in nostalgia – a day spent worshiping the memory of The Iron Lady.
The reality is that it is a reminder of how Britain was saved from decline once before, and can be saved again – if only those in power possess the courage to do so. For too long, it has become accepted that decline is inevitable, and that Britain is broken beyond repair. But this is untrue. Decline is a choice, and if Britain’s politicians can find their courage, they can unchoose it
That is not to say that Britain’s current situation is particularly enviable.
The British economy has, to put it bluntly, flatlined. Data released by the Institute of Directors in February reported that more than three out of five business leaders possess a negative view about the future of the UK economy. Alongside this, the ongoing conflict in Iran has contributed to business “confidence deteriorating sharply” in recent weeks.
The picture being painted is not pretty.
Yet, this is, itself, a choice.
It is a choice which has been brought about by a perverse, anti-business attitude which plagues the minds of those in government like something of a brain-eating amoeba. It is a choice which has resulted in an environment that is hostile to business, entrepreneurship and ingenuity.
But despite such an environment, Britons would be wise to not lose hope. What was clear from the Margaret Thatcher conference was that Britain must be willing to be bold and daring. It must be willing to go the extra mile to break free from the chains of economic stagnation.
The country has already taken steps in the right direction to achieve this. As Louis Mosely and Tom Westgath highlighted in their panel discussion, Britain is a world leader in artificial intelligence, and trails behind only the United States and China in the global AI race. Indeed, just recently, the Government announced that it would strengthen its Sovereign AI Fund by backing a series of new startup firms, which operate on the frontier of artificial intelligence.
The takeaway from this is clear. It proves that the government is not immune to supporting businesses, and that the government does hold the key to unlock economic growth, but is simply unwilling to use it. The tragedy is that this key is not used universally. Instead, governments pick and choose economic winners, championing those it deems worthy of support, and leaving others on the side of the road to wither away.
Perhaps this is most apparent in statistics from the hospitality sector. More than 3.5 million people work in the sector, and it helps to form the backbone of the British economy. Yet, the Chancellor’s decision to both raise the minimum wage, and increase employer National Insurance contributions since the 2024 Budget has cost the sector more than £3 billion, and resulted in the loss of more than 80,000 jobs. This was not as a result of some miscalculated externality. This was a choice brought about by those in government.
This all reinforces the notion that decline is an option, therefore. Britain has the option to unlock growth. The mechanisms are there for all to see. However what it lacks is political conviction. Thatcher did not inherit a thriving economy. She took the helm at a time where stagnation was the norm. But what she recognised was that things did not need to be that way. That, with the right amount of grit, determination and courage, Britain could escape from its self-imposed prison of decline.
If we are to take just one thing from this year’s Margaret Thatcher Conference it is this: that decline, much like growth, is a choice, and Britain’s leaders must be daring if they are to return Britain to a place of prosperity.
Oliver Dean is a political commentator with Young Voices UK. He studies History and Politics at the London School of Economics and Political Science (LSE) where he is the President of the LSE Hayek Society
To the uninitiated, the annual Margaret Thatcher Conference may seem to be an exercise in nostalgia – a day spent worshiping the memory of The Iron Lady.
The reality is that it is a reminder of how Britain was saved from decline once before, and can be saved again – if only those in power possess the courage to do so. For too long, it has become accepted that decline is inevitable, and that Britain is broken beyond repair. But this is untrue. Decline is a choice, and if Britain’s politicians can find their courage, they can unchoose it
That is not to say that Britain’s current situation is particularly enviable.
The British economy has, to put it bluntly, flatlined. Data released by the Institute of Directors in February reported that more than three out of five business leaders possess a negative view about the future of the UK economy. Alongside this, the ongoing conflict in Iran has contributed to business “confidence deteriorating sharply” in recent weeks.
The picture being painted is not pretty.
Yet, this is, itself, a choice.
It is a choice which has been brought about by a perverse, anti-business attitude which plagues the minds of those in government like something of a brain-eating amoeba. It is a choice which has resulted in an environment that is hostile to business, entrepreneurship and ingenuity.
But despite such an environment, Britons would be wise to not lose hope. What was clear from the Margaret Thatcher conference was that Britain must be willing to be bold and daring. It must be willing to go the extra mile to break free from the chains of economic stagnation.
The country has already taken steps in the right direction to achieve this. As Louis Mosely and Tom Westgath highlighted in their panel discussion, Britain is a world leader in artificial intelligence, and trails behind only the United States and China in the global AI race. Indeed, just recently, the Government announced that it would strengthen its Sovereign AI Fund by backing a series of new startup firms, which operate on the frontier of artificial intelligence.
The takeaway from this is clear. It proves that the government is not immune to supporting businesses, and that the government does hold the key to unlock economic growth, but is simply unwilling to use it. The tragedy is that this key is not used universally. Instead, governments pick and choose economic winners, championing those it deems worthy of support, and leaving others on the side of the road to wither away.
Perhaps this is most apparent in statistics from the hospitality sector. More than 3.5 million people work in the sector, and it helps to form the backbone of the British economy. Yet, the Chancellor’s decision to both raise the minimum wage, and increase employer National Insurance contributions since the 2024 Budget has cost the sector more than £3 billion, and resulted in the loss of more than 80,000 jobs. This was not as a result of some miscalculated externality. This was a choice brought about by those in government.
This all reinforces the notion that decline is an option, therefore. Britain has the option to unlock growth. The mechanisms are there for all to see. However what it lacks is political conviction. Thatcher did not inherit a thriving economy. She took the helm at a time where stagnation was the norm. But what she recognised was that things did not need to be that way. That, with the right amount of grit, determination and courage, Britain could escape from its self-imposed prison of decline.
If we are to take just one thing from this year’s Margaret Thatcher Conference it is this: that decline, much like growth, is a choice, and Britain’s leaders must be daring if they are to return Britain to a place of prosperity.