The Conservative party wants to go back to the future under Kemi Badenoch. In her foundational text, The Right Way, released at the weekend, the Tory party leader makes its intellectual lineage explicit, repeatedly invoking Margaret Thatcher’s 1976 policy statement The Right Approach. The 2026 economic framework is familiar: only private enterprise creates wealth; taxes, regulation and spending can obstruct growth and competition; markets make the country stronger. The speech by her shadow chancellor, Andrew Griffith, made it clear that Conservative failures over its 14-year spell in charge were the result of the party straying from Thatcherite principles.

One might argue that, on the contrary, errors were because the party slavishly followed such a creed. When Rough, a depleted North Sea gasfield that once provided around 70% of the UK’s gas-storage........

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