When I use the term managed decline, I am not alluding to the deindustrialisation of the Thatcher years. I do though see where your connection might stem from.
Managed decline as a political strategy of this Labour government results from them adopting a broken state from the Tories, agreeing to continue the fiscal constraints of the Tory government, whilst lying about not taxing working people, and managing the broken state rather than governing it. The objective, in their philosophy is stability. Anchoring the ship rather than allowing it to sink.
This government does not believe in renewal, does not have a radical agenda for growth, does not believe in aspiration and in fact actively seeks to lower any aspirational drive.
They came into power with a triumphant attitude. The grown ups have arrived. Which wasn’t just cliche. They believe in technocratic rule based government. The grownups! But have no idea of how to actually run a country.
And so they manage rather than govern.This government does not believe that this country can be renewed and so they manage the decline, aim to stabilise and avoid blame. Hence the constant cry of them and their supporters to blame it on every thing other than themselves. But we can all see how that is going, can’t we?