Is the centre-right cracking? From Westminster defections to French fiscal chaos, this week has delivered a sharp shock to Europe’s conservative mainstream. In London, Tory MP Danny Kruger crossed the floor to join Reform UK, denouncing his former party as “over.” In Paris, a fresh downgrade to France’s credit rating has cast a long shadow over President Macron’s government as strikes loom and talk of wealth taxes rattles business leaders.

In this timely edition of The Capitalist, host Marc Sidwell is joined by policy analyst François Valentin and Conservative Home deputy editor Henry Hill to explore what these moments reveal about the state of centre-right politics across the continent. Are voters turning away from moderation? Can mainstream parties adapt — or are they being outflanked on both sides?

Sharp analysis, calm insight — and the questions every serious observer of European politics should be asking.

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Is Britain sleepwalking into a very French crisis? In this Despatch, Joseph Dinnage argues that Westminster is starting to look uncomfortably like Paris: a revolving door at the top, a debt “swamp” that spooks markets, and electorates hooked on ever-costlier entitlements. After François Bayrou’s fall and Sébastien Lecornu’s rise, France’s soaring debt and pension politics serve as a cautionary tale—one Britain may be replaying with the triple lock, winter fuel U-turns and a ballooning interest bill. As Marine Le Pen and Nigel Farage reshape the conversation, Dinnage makes a brisk, unsentimental case for fiscal grit from Labour and a credible growth plan from the Tories—before voters decide the duopoly has had its day.

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Argentina's Javier Milei has defied critics by bringing sweeping economic reform to an economy many had written off. Former MP Steve Baker — the “hard man of Brexit” — says a similarly radical free-market reform can save Britain, too. In this special edition of The Capitalist, Steve joins Marc Sidwell to launch his new project, Fighting for a Free Future.

From soaring house prices to the looming pensions crisis, Steve pulls no punches: the managerial state is broken, the emperor has no clothes, and unless Britain slashes spending, abandons failed orthodoxies, and embraces liberty, we face managed decline — or worse.

Britain is running out of time. Debt is spiralling, taxes are at breaking point, and politicians refuse to face the truth. This is a conversation about courage, crisis, and the bold choices we must make before it’s too late.

Discover more about Steve's new project: https://www.fightingforafreefuture.com/

Stay informed with CapX's unmissable daily briefings from the heart of Westminster. Go to capx.co to subscribe.

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