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Ever since the great financial crisis of 2008, growth in Britain – both in terms of GDP and living standards – has stagnated. While the Covid pandemic and lockdowns didn’t help, the problems of the UK economy (indeed, most Western developed economies) are longstanding. What has gone wrong?
Labour has promised a return to growth, yet the new government has already announced big hikes in taxes like employers’ National Insurance, while promising billions in investment into decarbonising the electricity grid and imposing regulations on everyone from car manufacturers to house builders. Unsurprisingly, the economy only just avoided a technical recession in the second half of last year and GDP per capita has fallen.
For Lord Jon Moynihan, author of the recent two-volume Return to Growth: How to Fix the Economy, the blame lies with high levels of taxation and government spending – particularly spending on growth-stifling projects and programmes. In advance of the latest forecasts from the Office for Budgetary Responsibility and Rachel Reeves’s spring statement, what should we do to revive the economy?
