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In August volunteers unload a van of food donations to a local food bank in the town of Penicuik, in Midlothian, Scotland. iStock In 2017, British Prime Minister Theresa May, faced with demands to increase nurses’ stagnant wages, famously denied the existence of any “magic money tree.” Ms. May’s Conservative Party predecessor, Margaret Thatcher, had asserted that the U.K. government had no money of its own; only what it raised from the populace by taxation or borrowing. Most people probably thought this orthodoxy prudent. A budget deficit was a sign of bad governance, strenuously to be avoided. Such apparent and long championed fiscal frugality by Conservatives has often gone unchallenged until now.

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