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Economic Theory

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Unspectacular growth reflects need for radical action

Commenting on the latest GDP figures, Mark Littlewood, Director General at the Institute of Economic Affairs, said:

“We are in danger of meagre growth becoming the new normal. Poor GDP figures in the first quarter of this year only underscore the extent of the UK’s long-term growth problem.

“The Chancellor cannot keep postponing the urgent need for radical action to bring both spending and taxation under control. His current plan will add £4,000 to the national debt for each and every household in the country. This is far from a programme of austerity. We are, in fact, continuing to live far beyond our means.

“Regulation is strangling the economy, whilst high marginal tax rates are disincentivising people from working, saving and investing. The government must reduce spending, cut taxes and enact key supply-side reforms to encourage business and enterprise. For a growth revolution, we need a policy revolution.”

Notes to editors:

To arrange an interview with an IEA spokesperson, please contact Stephanie Lis, Communications Officer on 020 7799 8909 or 07766 221 268.

ONS growth statistics can be found here.

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.