IEA - Government must continue to focus on the deficit
The IEA respond to the Queen's Speech
Commenting on the Queen’s Speech, Mark Littlewood, Director General at the Institute of Economic Affairs, said:
“Yesterday’s announcement saw constitutional matters overshadow the UK’s pressing economic challenges. While commitments to tax locks and deregulation are welcome, it is vital that the government redoubles its efforts on tackling the deficit and balancing the books.
“Regrettably, some of government’s proposals will see the role of the state further expanded into people’s lives."
Commenting on the proposal for more affordable childcare, Mark Littlewood said:
“The government has once again failed to realise that the cost of childcare has been pushed up as a result of their actions. Promising further subsidies paid for by the taxpayer does nothing to address the underlying cause of expensive childcare.
“Deregulating the sector and shifting the emphasis away from its formalisation will prove far more effective at easing the cost to parents."
Commenting on the proposals for jobs and welfare, Mark Littlewood said:
“Lowering the benefit cap is a step in the right direction but many of the gains will be offset by the need to pay for 3 million more apprenticeships. The government needs to be bolder still in the area of welfare reform, particularly in pushing ahead with a clear work requirement.
Commenting on the proposals for housing, Mark Littlewood said:
“Policies such as the Help to Buy ISAs will actually push up house prices. What Britain needs is more houses and the best way to achieve this is by liberalising restrictive planning laws.”
Notes to editors:
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The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems.
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