Britain’s ruling party gathers under the watchful eye of the bond markets

By Bagehot

SO WHERE, exactly, are these ideological axe-men who supposedly infest the Conservative Party? Throughout this conference season, Bagehot has heard Liberal Democrats in Birmingham and Labour types in Liverpool warning, in apocalyptic tones, about the Tories and their wicked plan to use the economic crisis as a pretext for slashing back the state. Now I am finally in Manchester for the Conservative Party’s annual gathering, and I find Britain’s ruling party in a mood of glum realism, not axe-sharpening glee.

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