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Dr Steve Davies comments on the latest OECD figures

Turmoil in Europe and the latest OECD figures make the need for action in UK even more pressing, says Dr Steve Davies at the Institute of Economic Affairs. Commenting on the current economic situation, he said:

“With economic turmoil gripping Europe the coalition must take urgent action to ensure the UK is protected as far as possible. The basic situation is that we are now seeing the consequences of decades of reckless spending by governments on the back of unrealistic expectations of future growth.

“So far we have escaped the worst of it, but with growth faltering the coalition will struggle to deliver on their pledge to close the deficit. What is needed in addition to reducing the burden of taxation and regulation is a positive strategy for growth through supply side reforms. Further reductions in spending, deregulation across all aspects of business, especially planning and employment, and tax reform are all vital.”

Notes to editors

To arrange an interview with Dr Steve Davies, IEA Education Director, please contact Stephanie Lis, Communications Director, 077 5171 7781, 020 7799 8900, [email protected].

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