If you don't like the terms, don't engage.
Edited to add: newspapers in the UK take libel law seriously so you have some confidence they won't grossly misrepresent your views.
Also there's a difference between the expectation that the letter can be truncated or just the gist of it extracted for reasons of space, and entire sentences or paragraphs rewritten in full. I would have never expected the latter even with a "right to edit letters reserved" disclaimer.
A letter to the editor might read:
> I saw on your article about the size of foodstuffs that food items are not getting smaller - actually people are just getting bigger. Very interesting article, quite funny and relevant as I've been collecting food items since I was a child and can confirm that this isn't always true. I've got a few exapmles where it holds, but I also have a kit kat from when I was 18 (born 1979) that used to be 500g and now they are 250g as standard. I'm a big fan and this is the first time I have spotted a huge glaring error! Please explain that one!
Clearly that would need to be reframed. I'm not particularly good, but I can see why a newspaper might want to shorten it:
> In last week's article The Economist argued that foodstuffs were not getting smaller, however I own a standard kit-kat from the 1997 that is double the size of ones available in shops today. Thoughts?
The above is probably an improvement from a readers perspective, conveys the points of the original message, and they aren't usually attributed to a specific, identifiable person anyway (usually something like John from London) so I don't think there is any huge scandal here.
(As someone who writes for a living, I can tell you that it takes a little getting used to, especially when an editor butchers a sentence you're pleased with. But it's part of the process you learn to accept eventually — and they were probably right.)
https://youtube.com/watch?v=fkLX58ZWbWw&t=14m20s
(From 14m20s -- 16m30s)
I do occasionally revert changes when I'm reviewing--usually because I wrote something poorly and an editor misinterpreted--but I reject relatively few suggestions. I figure that if I wrote something that confused my editor or they just didn't like it, a lot of readers will feel similarly.
To the extent the comment is atrributed to the author whose words were altered it can be.
An published, attributed comment is a published fact claim about what the author has expressed, and if it is false and damaging can be libel.
The Economist wishes to publish from a wider set of contributors and its house style is harder for that group to imitate.
One problem is that normal humans don’t write concisely. The other is that the Economist is a global publication... you probably would not be happy with long-form musings of Johnny Random from Papua New Guinea. You’re opting in for highbrow British style.