IEA responds to Prime Minister’s Conference speech
Responding to the Prime Minister’s speech at the virtual Conservative Party Conference, IEA Director General Mark Littlewood recently said:
“There was some sound free market rhetoric in the Prime Minister’s speech but little in the way of concrete free market policy.
“Faced with the prospect of millions of job losses, the government needs to commit to reducing the tax burden, cutting red tape for businesses, and reducing the cost of employment.
“While the Prime Minister indicated that the current level of public spending is too high (forecast to be upwards of 50 per cent of GDP this year), he has failed to set a specific target for reducing this figure.
“Getting government expenditure down to around 30 per cent of GDP would allow the private sector to flourish with a lower tax burden.”
On the Prime Minister’s pledge to use wind farms to power every home within a decade, IEA Director General Mark Littlewood recently said:
“To compare wind power in this country to Saudi Arabia’s oil wealth is fantasy. The value of the UK wind industry is about £7.5bn a year; the Saudi petroleum sector is worth roughly £223bn a year.
“While 60,000 jobs would certainly be welcome, the Prime Minister is not best placed to predict what the future of energy is going to look like. He has in his mind an arbitrary target the nation is going to reach, but this is not the way to sensibly run the energy industry.
“While the Prime Minister said the private sector will drive our economic recovery, investing £160m of public money into wind power is far from encouraging.”
Notes to editors
For media enquiries, please contact Annabel Denham, Director of Communications, on 07540770774.
Mark Littlewood is available for interview and further comment.
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.
Latest News from
CSJ - Why we’re backing the #SortItOut campaign03/12/2020 11:35:00
Our political director, Frank Young explains why the Centre for Social Justice is backing the #SortItOut campaign.
Use ‘power of our example’ and keep UK’s fossil fuels in the ground to lead world on climate, urges IPPR03/12/2020 10:35:00
The UK and Scottish governments must together develop a new ‘net zero deal’ to keep North Sea oil and gas in the ground and invest in low-carbon industries to replace them, says an IPPR report today.
JRF - Coalition warns it would be a terrible mistake to cut the £20 uplift to Universal Credit01/12/2020 10:35:00
Over 60 organisations and bishops issue a public statement expressing their deep concern at the failure of the Government to announce that they are making the £20 uplift to Universal Credit permanent and extending it to legacy benefits.
Evidence used to justify hospitality closures is “tenuous,” says IEA research01/12/2020 09:35:00
Research from the Institute of Economic Affairs, authored by Head of Lifestyle Economics Christopher Snowdon, casts doubt over the relevance of evidence on which Tier 2 and Tier 3 restrictions on the hospitality sector will be based.
The Spending Review is 'unlikely to be enough to address health and care pressures': The King's Fund responds to the Spending Review26/11/2020 14:35:00
Sally Warren, Director of Policy at The King’s Fund, responded to the Chancellor’s Spending Review
Initial reaction from IFS researchers on Spending Review 2020 and OBR forecasts26/11/2020 13:35:00
IFS Director Paul Johnson says: “Rishi Sunak has been spending truly astonishing amounts of money this year and plans to continue to do so next year in response to Covid.
Spending Review 2020: IPPR response26/11/2020 12:35:00
Spending review misunderstands 'basic economics' and will leave economy needlessly damaged
Rishi cannot tax our way out of debt or spend our way out of a recession — Adam Smith Institute26/11/2020 11:35:00
Following the spending review by the Chancellor, the Adam Smith Institute’s Deputy Director Matt Kilcoyne criticises the public sector spending splurge