The Spectator’s notes | 26 May 2016

Obviously there is no such thing as ‘Cameronism’, as there is ‘Thatcherism’; but once upon a time, David Cameron did have a project. It was called Tory modernisation, and his most imaginative adviser on the subject was Steve Hilton. At Policy Exchange, on Wednesday, Mr Hilton spoke, Mark Antony-like, over the dead body of Tory modernisation. On virtually every modernising count — localism, openness to the world, looking to the future, ignoring the interests of the rich — the EU is failing, he said. Yet Mr Cameron is staking his career on it. It is rather as if Mrs Thatcher, in her last years in office, were fighting flat out for nationalisation.

The Leave camp sometimes looks stumped because it cannot give a precise answer to what would happen economically if we were not in the EU. This is always a problem for people who believe in freedom rather than government control. In the 1970s, inflation and bad labour relations were the enemy.