London Daily

Focus on the big picture.
Thursday, Feb 05, 2026

Free market didn’t work: How a major business boss admitted the failure of capitalism

Free market didn’t work: How a major business boss admitted the failure of capitalism

‘Capitalism has failed’ was the essence of Confederation of British Industry Director General Tony Danker’s message to its annual conference – presumably motivated by being on the right side of history.
The Port of Tyne in South Shields in England’s north-east is not an obvious place for Britain’s business leaders to meet.

The area was once central to the country’s industry, but has been decimated by government policy and a callous carelessness by politicians from all sides of the political spectrum over the past five decades.

This has meant that South Shields – just like other areas such as East Durham, South Yorkshire, Staffordshire, and Nottinghamshire –has been left without hope for generations. It’s become one of those places labelled as ‘the left behind’, although a truer description would be ‘purposefully and politically left out’.

Yet it was here that the Confederation of British Industry held its three-day annual conference, unexpectedly dominating headlines on account of Boris Johnson’s disastrous speech, with the prime minister losing his place, shuffling his papers, throwing out incoherent anecdotes about Peppa Pig, and making car noises. Predictably Johnson’s bizarre behaviour dominated discussion on news programmes and Twitter.

The focus, however, should have been on the serious and pressing discussions on the industrial and economic future of Britain. Perhaps the nonsensical debates about Johnson’s relationship with an animated character were a deliberate distraction, because when Tony Danker, the director general of the CBI, addressed the floor, his words were scathing and worthy of further analysis.

Bearing in mind he is a captain of industry and the CBI a champion of free market capitalism, Danker used his speech to deliver a damning critique of it, which he said had left swathes of the country in decline, accusing successive governments of allowing “old industries to die” with communities facing “benign neglect,” adding, “We’ve had five decades where the free market has palpably failed.”

Danker criticised Thatcherism and Blairism, but also the current government’s ‘levelling up agenda’, hitting out at PM Johnson for giving “very little” detail on how he planned to boost wealth around the country.

And he attacked current and historical government policies which have left great swathes of the North and the Midlands on lower wages, with poor and low-level work that offers no pride and dignity, and results in boarded-up high streets.

I wonder why these words have not been given more prominence in the mainstream media – “capitalism has failed, says capitalist” – and instead the focus has been put on the bumbling of our hopeless PM, preventing a serious and much needed debate about industry, growth, and inequality in Britain today.

It’s interesting that Danker has started to talk about the right side of history, a contemporary concern among many in politics, whether in government or on Twitter. Everyone claims to be on the right side of history, despite the fact that it is time and historians and public reflexivity which will decide that – not columnists like Owen Jones in The Guardian.

It is coming up to 40 years since the miners went into dispute with the government about pit closures. The National Union of Miners, the miners themselves, and their wider communities knew that the battle was not over the industry alone, but a fight to the death for those communities – our dignity and our future and our class.

We lost. Our villages, towns, and cities very quickly became filled with drugs as the jobs left, and anyone who could get out did, including me. Those communities are still hanging on, but only because of the resilience of the people – because even today they are still being attacked, ignored, and vilified by politicians, the media, and an ever-increasing fearful and mediocre middle class who are terrified of the British working class.

It is the mediocre middle class in particular who desperately need to be on the right side of history, through their use of whatever fashionable identity politics they need to fight for today – to appease their conscience and attempt to justify their unearned class advantages.

And yet we have had political leaders who have been on the right side of history, and it is time that their words were remembered. Arthur Scargill, the leader of the NUM, went to war with free market capitalism, because he understood what was coming once our industries had disappeared – the power that working-class people collectively relied upon would be gone and that imbalance would lead to an ever-widening inequality gap, with the poorest becoming poorer, the middle class clinging on to their position like limpets, and the elites soaring away from the rest.

In 1984, Scargill addressed the NUM conference with a straight-talking passion and a love for the people he represented that today is absent in our politics. His words now seem prescient. “The devastation threatening our communities is dramatically and tragically compounded by the destructive monetarist policies which this Government has unleashed. With over four-and-a-half million unemployed people, Britain’s industrial base crippled by lack of investment, and the nation’s social services network being torn to shreds, there is a climate of helplessness, hopelessness and outright despair. It is our responsibility as trade unionists to fight that despair and oppose the policies which created it.”

History was written by the miners’ strike, and is now being lived painfully every day through every flippant joke and nasty sneer about ‘the stupid and racist’ working class, and in every food bank, every suicide, and every crack house that has opened up amongst our deindustrialised working class communities.

I ask you how history will judge you.
Newsletter

Related Articles

0:00
0:00
Close
Epstein Case Documents Reignite Global Scrutiny of Political and Business Elites
Eighty-one-year-old man in the United States fatally shoots Uber driver after scam threat
UK Royal Family Faces Intensifying Strain as Epstein-Linked Revelations Rock the Institution
Political Censorship: French Prosecutors Raid Musk’s X Offices in Paris
AI Invented “Hot Springs” — Tourists Arrived and Were Shocked
Tech Mega-Donors Power Trump-Aligned Fundraising Surge to $429 Million Ahead of 2026 Midterms
UK Pharma Watchdog Rules Sanofi Breached Industry Code With RSV Vaccine Claims Against Pfizer
Melania Documentary Opens Modestly in UK with Mixed Global Box Office Performance
Starmer Arrives in Shanghai to Promote British Trade and Investment
Harry Styles, Anthony Joshua and Premier League Stars Among UK’s Top Taxpayers
New Epstein Files Include Images of Former Prince Andrew Kneeling Over Unidentified Woman
Starmer Urges Former Prince Andrew to Testify Before US Congress About Epstein Ties
Starmer Extends Invitation to Japan’s Prime Minister After Strategic Tokyo Talks
Skupski and Harrison Clinch Australian Open Men’s Doubles Title in Melbourne
DOJ Unveils Millions of Epstein Files, Fueling Global Scrutiny of Elite Networks
France Begins Phasing Out Zoom and Microsoft Teams to Advance Digital Sovereignty
China Lifts Sanctions on British MPs and Peers After Starmer Xi Talks in Beijing
Trump Nominates Kevin Warsh as Fed Chair to Reorient U.S. Monetary Policy Toward Pro-Growth Interest Rates
AstraZeneca Announces £11bn China Investment After Scaling Back UK Expansion Plans
Starmer and Xi Forge Warming UK-China Ties in Beijing Amid Strategic Reset
Tech Market Shifts and AI Investment Surge Drive Global Innovation and Layoffs
Markets Jolt as AI Spending, US Policy Shifts, and Global Security Moves Drive New Volatility
U.S. Signals Potential Decertification of Canadian Aircraft as Bilateral Tensions Escalate
Former South Korean First Lady Kim Keon Hee Sentenced to 20 Months for Bribery
Tesla Ends Model S and X Production and Sends $2 Billion to xAI as 2025 Revenue Declines
China Executes 11 Members of the Ming Clan in Cross-Border Scam Case Linked to Myanmar’s Lawkai
Trump Administration Officials Held Talks With Group Advocating Alberta’s Independence
Starmer Signals UK Push for a More ‘Sophisticated’ Relationship With China in Talks With Xi
Shopping Chatbots Move From Advice to Checkout as Walmart Pushes Faster Than Amazon
Starmer Seeks Economic Gains From China Visit While Navigating US Diplomatic Sensitivities
Starmer Says China Visit Will Deliver Economic Benefits as He Prepares to Meet Xi Jinping
UK Prime Minister Starmer Arrives in China to Bolster Trade and Warn Firms of Strategic Opportunities
The AI Hiring Doom Loop — Algorithmic Recruiting Filters Out Top Talent and Rewards Average or Fake Candidates
Amazon to Cut 16,000 Corporate Jobs After Earlier 14,000 Reduction, Citing Streamlining and AI Investment
Federal Reserve Holds Interest Rate at 3.75% as Powell Faces DOJ Criminal Investigation During 2026 Decision
Putin’s Four-Year Ukraine Invasion Cost: Russia’s Mass Casualty Attrition and the Donbas Security-Guarantee Tradeoff
Wall Street Bets on Strong US Growth and Currency Moves as Dollar Slips After Trump Comments
UK Prime Minister Traveled to China Using Temporary Phones and Laptops to Limit Espionage Risks
Google’s $68 Million Voice Assistant Settlement Exposes Incentives That Reward Over-Collection
Kim Kardashian Admits Faking Paparazzi Visit to Britney Spears for Fame in Early 2000s
UPS to Cut 30,000 More Jobs by 2026 Amid Shift to High-Margin Deliveries
France Plans to Replace Teams and Zoom Across Government With Homegrown Visio by 2027
Trump Removes Minneapolis Deportation Operation Commander After Fatal Shooting of Protester
Iran’s Elite Wealth Abroad and Sanctions Leakage: How Offshore Luxury Sustains Regime Resilience
U.S. Central Command Announces Regional Air Exercise as Iran Unveils Drone Carrier Footage
Four Arrested in Andhra Pradesh Over Alleged HIV-Contaminated Injection Attack on Doctor
Hot Drinks, Hidden Particles: How Disposable Cups Quietly Increase Microplastic Exposure
UK Banks Pledge £11 Billion Lending Package to Help Firms Expand Overseas
Suella Braverman Defects to Reform UK, Accusing Conservatives of Betrayal on Core Policies
Melania Trump Documentary Sees Limited Box Office Traction in UK Cinemas
×