The best way to illustrate how the Conservative party support has changed is to compare the electoral map of 2019 with that of their greatest victory in terms of seats in 1983 when they had a majority of 144 (on a similar share of the vote) or 1987 when the Conservatives still won a majority of over 100.
In 2019, Boris Johnson won seats in the North of England, North Wales and the Midlands, which eluded Mrs Thatcher in her electoral triumphs. By contrast, Labour has turned London and other large cities into islands of red. It is also noticeable that Labour has retained more Southern seats than it did in its two 1980’s meltdowns.
The Conservatives therefore are reliant on constituencies that never bought into the Thatcherite economic and fiscal revolution. The Chancellor is therefore much more likely to take a stance which not only spends more but also directs tax cuts, such as they are, to their new supporters on more modest incomes. Thatcherite majorities may have returned but maybe not Thatcherite policies.