Farage claims the mantle of Thatcher's revolution

Spectator

03-07-2025

After a day of drama in Westminster, an intriguing party was hosted at Charterhouse Square in the City. The Prosperity Institute, formerly Legatum, is not one of the more venerable think tanks, like the Fabians or the IEA. But the attendant crowd – a mix of centre-right wonks, spinners, thinkers and politicians – was a testament to the work that the institute has done since July 2024.
A large marquee and well-stocked bar prompted one guest to remark that 'It felt more of a wedding than a wake'. That was a refreshing sentiment for many attendees, given the tendency of such events to become mournful, dour affairs since the election. But it also highlighted an important theme: will there be a happy union on the British right before 2029?
The two speakers for the evening were Jacob Rees-Mogg and Nigel Farage. The former used his speech to issue a call for the 'Tory family' to come together. The latter then took to the microphone to issue a predictable rebuttal. Farage told the crowd:
Jacob said 'We're all part of one big Tory family. I know you might be Jacob, but I'm not'. I don't think the word Tory should be consigned to history. It's failed. It's been around for 200 years, but the whole centre right of British politics needs to be reshaped and reformulated in a very dramatic way.
Such comments are hardly a surprise – Farage has been saying the same for 12 months now. But what followed was a passion call-to-arms by the Reform leader, in which he urged those in attendance to join him in his struggle. It is worth quoting at length for posterity's sake:
I am going to do amazing things in politics over the course of the next few years. Please don't underestimate that. But I need people like the Prosperity Institute who are bringing fresh, young talent into current affairs, into thinking. We need policy solutions we can give to the electorate next time round. We need positivity. We need optimism… All of you involved with this. You've got a very important role to play. Remember, the great revolution that took place from 1979 was based on lots of hard work and good thinking that had been put in before. You know, the Keith Josephs, the Milton Friedmans, people like that. And that in many ways is your role today with this… We need people to do the work, the thought for those of us in the front lines to have the ammunition to go out and fight, and that's exactly what we intend to do… I would ask you all, please, to raise a glass to our hosts tonight, to the very important work they've got to do. I give you the Prosperity Institute.
From the 1980s to the 2010s, globalisation, low taxes and steady economic prosperity was the norm. But Farage has recognised that both global events and the electorate's tastes have changed all that. He is now urging the talent of the British right, clever young men and women in their twenties and thirties, whose forebears created the Thatcher revolution, to help him build what comes next.
Some will likely follow Farage. But others – especially admirers of Robert Jenrick – remain with the Tories, for now. 'People are keen to keep a foot in both camps', said one Conservative MP this week. It is not yet obvious whether the Tories or Reform will win the battle of the parties. But one thing is certainly clear from last night: the Prosperity Institute is worth keeping an eye on. Their work will likely form a bedrock of the next centre-right government in Britain: regardless of who leads it.