The Institute of Economic Affairs invites you to attend:



An IEA Book Launch



Sorry, We Have No Money – Britain’s Economic Problem

by Warwick Lightfoot



The event will run from 6:30pm until 8:00pm, with brief remarks from the Author at 7:00pm





“This book is a timely reminder of how little the UK's problems have to do with individual bank failures, recession and the business cycle. Warwick Lightfoot provides a clear and balanced account of the last few decades' dilemmas, controversies and policy choices; and argues convincingly that we should revisit the analysts and analyses of the 1970s as a guide to future action."

Prof Alison Wolf, Sir Roy Griffiths Professor of Public Sector Management, King's College London



"This is an interesting and timely book. … All main party politicians are signed up to Mr Lightfoot's direction of travel, so they should look at his book to understand a little more why it might be a good idea to cut the proportion of public spending."

Rt Hon John Redwood MP, Chairman of the Conservative Economic Affairs Committee





The Blair years appeared to mark a watershed in Britain's post-war economic history. The spectre of decline and de-industrialisation faded from view and in their place came a feeling of affluence based on easy and available credit, rising asset prices, the consumer benefits of a strong pound and a government intent on eradicating social inequalities. When the bubble burst in 2008, the harsh truth was left for all to see – the dependence on unsustainable government spending, de-marketised regions, widening skill gaps and the long-term demographic problems caused by an ageing population.



In this new book, Warwick Lightfoot uses the non-technical approach of the political economist to grapple with the economic problems of modern Britain and assesses:



• Why have huge increases in government spending failed to deliver a significant improvement in social welfare?

• Why have thirty years of reform of government spending failed to deliver increased efficiency?

• Do large parts of the UK more closely resemble the economics of the former GDR and Soviet Union than the BRICS?

• What are the steps needed to reform the UK economy?





Warwick Lightfoot is a professional economist with specialist interests in monetary policy, public expenditure, taxation and labour markets. Formerly the economics editor of The European , he was for many years a frequent contributor to the Wall Street Journal and has written for The Financial Times , The Times , Sunday Times , The Daily Telegraph , Sunday Telegraph , and The Guardian . Warwick worked in government as Special Adviser to the Chancellor of the Exchequer from 1989-92, initially appointed by Nigel Lawson and later reappointed by John Major and Norman Lamont. He is a Councillor for the Royal Borough of Kensington and Chelsea.





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