• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win
MPWMost Powerful Women

Theresa May Officially Bids Farewell to Margaret Thatcher’s Legacy

By
Geoffrey Smith
Geoffrey Smith
Down Arrow Button Icon
By
Geoffrey Smith
Geoffrey Smith
Down Arrow Button Icon
October 5, 2016, 12:56 PM ET
Conservative Leader Theresa May Addresses Party Conference
BIRMINGHAM, ENGLAND - OCTOBER 05: Prime Minister Theresa May delivers a speech during the fourth day of the Conservative Party Conference 2016 at the ICC Birmingham on October 5, 2016 in Birmingham, England. In her first speech to conference as Prime Minister Theresa May is expected to reach out to the centre ground and try to appeal traditional Labour voters. (Photo by Matt Cardy/Getty Images)Photograph by Matt Cardy Getty Images
Add Fortune on Google for similar content.

For the last 40 years, Britain’s Conservative Party has essentially been the party of Margaret Thatcher: free-wheeling, free-market, globalist. Not any more.

Theresa May, the second woman to be both Tory leader and Prime Minister of the U.K., signaled the clearest possible break with the Iron Lady’s legacy Wednesday, turning the party sharply to the Left in an effort to occupy and redefine a new center ground in the country’s politics amid the uncertainties of the post-Brexit era.

“There is more to life than individualism and self-interest,” May told the Conservative Party’s annual conference, appearing to assign a much bigger role for government than Thatcher had ever allowed. The words could hardly have refuted Thatcher’s dictum that “there is no such thing as Society” more clearly. May said she stood for a conservatism “that understands the good that government can do…We succeed or fail together.”

Subscribe to The World’s Most Powerful Women, Fortune’s daily must-read for global businesswomen.

May took a page from her German counterpart, Angela Merkel, in stealing shamelessly from the playbook of rival parties: She bashed unscrupulous businessmen, tax dodgers, and their facilitators in the legal and accountancy professions (all traditional Tory voters). She promised to stand up for the working class against the rich and powerful, singling out familiar pantomime villains in retailing and regulated utilities. All that would have gone down well at any Labour Party conference. Equally, she talked about lifting working-class white youths out of poverty and unemployability, and tighter control of immigration in a nod to the right-wing U.K. Independence Party.

May’s dash for the political center has been made easier by the Labour Party’s leftward lurch under Jeremy Corbyn. Although an understandably opportunist move for May, it’s one that often had the air of making things up on the hoof, involving positions that don’t come naturally to a party that still, by and large, reveres Thatcher’s memory. And it was all accompanied by the nagging suspicion that there will be precious little money around to deliver on May’s promises if she can’t stem the economic damage from Brexit. The pound hit a new 31-year low against the dollar while she was speaking.

But there was one hint of a return to the Thatcher days—albeit not from an expected direction, and in an area of crucial importance to business. The Iron Lady didn’t always practice what she preached, and never gave up government control of interest rates. So ears naturally pricked up when, in a nakedly interventionist speech, May said that “change has got to come” to the field of monetary policy “and we are going to deliver it.”

Ostensibly, May was criticizing only the way that “super low interest rates and quantitative easing” had fostered inequality by pumping up asset prices. But in a world where few of the old certainties seem to hold any more, how much of a surprise would it really be to see the whole doctrine of central bank independence, dominant since the collapse of the Bretton Woods system in the 1970s, thrown overboard too?

About the Author
By Geoffrey Smith
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in MPW

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in MPW

ice
PoliticsImmigration
ICE arrested a woman in a habit walking to mass, then released her after realizing she was a nun
By Valerie Gonzalez and The Associated PressJune 30, 2026
2 days ago
MacKenzie Scott (left); Elon Musk (right)
SuccessMacKenzie Scott
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: ‘Sadly,’ it makes the world a worse place
By Sydney LakeJune 29, 2026
3 days ago
swisher
Politicspodcasts
‘Podcasts are the NBA’: Scott Galloway on Kara Swisher’s big success — ‘there’s a small amount of people making a lot of money’
By Steven Sloan and The Associated PressJune 29, 2026
3 days ago
np
PoliticsColleges and Universities
Nancy Pelosi brings her legendary congressional knowhow to a new Berkeley institute with $35 million in funding
By Kevin Freking and The Associated PressJune 29, 2026
3 days ago
Illustration of a bomb with the Bitcoin logo printed on it, against an orange background.
CryptoCryptocurrency
Bitcoin down 20% since May as Strategy fallout spooks investors
By Camila Grigera NaónJune 26, 2026
6 days ago
MacKenzie Scott alone accounted for one-third of America’s $19.2 billion in megagifts last year
SuccessMacKenzie Scott
MacKenzie Scott alone accounted for one-third of America’s $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
7 days ago

Most Popular

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
Big Tech
As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
By Marco Quiroz-GutierrezJuly 1, 2026
1 day ago
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
7 days ago
The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win
Newsletters
The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win
By Diane BradyJuly 1, 2026
22 hours ago
Current price of oil as of July 1, 2026
Personal Finance
Current price of oil as of July 1, 2026
By Joseph HostetlerJuly 1, 2026
19 hours ago
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
5 days ago
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
Success
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
By Sydney LakeJune 29, 2026
3 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.