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IEA - The Prime Minister’s words are no substitute for bold action to turbocharge innovation

Matthew Lesh, Head of Public Policy at free market think tank the Institute of Economic Affairs responds to Prime Minister Rishi Sunak’s speech at the CBI 

“Britain’s prosperity will not come from the benevolence of Rishi Sunak, but rather, from our creators, thinkers, and entrepreneurs. The Prime Minister said there is a need to be “bold and radical” in challenging conventional wisdom, only to propose the usual mix of top-down state-centric solutions. The government needs an agenda to remove barriers to innovation and growth.

“Sunak entirely failed to discuss the single biggest handbrake on our prosperity: Britain’s broken planning system. It hampers the construction of infrastructure, factories, lab space and housing, which are all essential to innovation and growth. Nor are a few reviews anywhere near enough to tackle Britain’s mounting red tape burden and take advantage of Brexit opportunities.

“The Prime Minister was also right to highlight the importance of innovation to improve healthcare, but he has doubled down on our failed NHS model by doing little more than throwing more money into a broken system.”

Notes to editors

IEA spokespeople are available for comment and interview

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. The IEA is a registered educational charity and independent of all political parties.

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