Britain ran an empire for centuries that at its peak 100 years ago occupied just under a quarter of the world’s land area. Yet if you believe “Imperial Measurement”, a report released last week from the rightwing Institute of Economic Affairs (IEA), the net economic impact of this vast empire on Britain was negligible, even negative.

If you thought the empire profoundly shaped our industry, trade and financial institutions, with slavery an inherent part of the equation, helped turbocharge the Industrial Revolution and underwrote what was the world’s greatest navy for 150 years, think again. The contribution of the transatlantic trade in enslaved people to our economy was trumped by domestic brewing and sheep farming, opines the IEA. The tax “burden” of defending this barely profitable empire was not worth the candle. Instead, it was free-market economics that unleashed British economic growth – a truth that must be restated before Marxists and reparation-seeking ex-colonies start controlling the narrative.

It is a risible recasting of history that should have been ignored as self-serving ideological tosh. But enter the business and trade secretary and aspiring Tory leader, Kemi Badenoch, who took it upon herself to endorse this IEA “research”. She told an audience of financial services bosses at a conference in London: “It worries me when I hear people talk about wealth and success in the UK as being down to colonialism or imperialism or white privilege or whatever.” If you believe any of this story about oppression and exploitation as the cause of British wealth, then the solutions to “our growth and productivity problem” will be even worse. It was “free markets and liberal institutions” that drove the Industrial........

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