Market forces

Standing up for ordinary people

EVEN THOUGH Theresa May is being accused of mimicking Labour, whether it be on tuition fees, housing policy or an energy cap, she did – in case others were distracted by all those unfortunate episodes beyond the Prime Minister’s control – defend the free markets in her party conference speech.

Yet, unlike the more radical Conservatives, Mrs May clearly believes in state intervention where necessary and has now spoken, on a number of occasions, about her desire to stand up to those big businesses, and vested interests, whose actions and profiteering can give capitalism a bad name.

She has three opportunities. First, plans to introduce energy controls, and which are due to be presented to Parliament next week, will reveal whether she has sufficient support on the Tory backbenches to make a difference. It will also reveal whether Labour want to make practical suggestions to improve policy.

Second, Mrs May should ensure that major corporations making vast profits here start paying their fair share of tax here. After all, Amazon, Starbucks and others are primary beneficiaries of capital investment in the nation’s infrastructure.

Third, the collapse of Monarch Airlines – and the mass cancellation of flights by Ryanair – has highlighted the need for a review of consumer rules and regulations. If passengers do read the small print, it’s so convoluted that many, with respect, don’t understand the legalese until it’s too late. If this can be simplified – legislation should not be required – Mrs May will be able to demonstrate that she is, in fact, on the side of those she wants to serve.