How Boris Johnson should spend his political capital

POLITICAL CAPITAL is a prime minister’s most precious resource: the magic substance that mobilises supporters, marginalises opponents and turns vague dreams into legislative triumphs. It is also the most ephemeral, here today and gone tomorrow. Having accumulated a lot in the last general election, Boris Johnson saw it disappear a year ago as he floundered in the face of covid-19. There was talk of him being “gone by Christmas”.

Now the Bank of Boris is in surplus again. The vaccine programme’s success has blunted the accusation that he’s an incompetent blunderer. With 14% of the population vaccinated, well ahead of Germany (2.4%) and France (2.3%), Britain has done better than any other big country. The EU, with its bungled vaccine nationalism, is doing its utmost to prove that the Eurosceptics were right all along. An opinion poll published on January 31st put the Tories three points ahead of Labour; one on February 1st showed that only 36% of Britons have a favourable view of the EU compared with 50% who have an unfavourable one. And Mr Johnson seems to be maturing as a politician: his tone is more statesmanlike and Downing Street more professional.