In this week's editorial, it attributes this shift to the Conservatives' commitment to reducing the size of the public sector. It says that the government now accounts for over half the economy of the country, rising to around 70 per cent in Northern Ireland.
"For Britain to thrive, this liberty-destroying leviathan has to be tackled," it says.
The magazine said the Conservatives, despite all their shortcomings, are keen to do that.
The Economist praised Gordon Brown's handling of the global credit crisis, but criticised him for pumping money into public services during his decade as finance minister until 2007. It added that Labour has run out of steam.
"Clegg has been a delightful holiday romance for many Britons; but this newspaper does not fancy moving in with him for the next five years," the editorial concluded.