Radical supply-side reform is needed to create economic growth
29 November 2010
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The government must create a framework for supply-side reform if it is to create growth and secure the economic recovery, said Mark Littlewood, Director General of the Institute of Economic Affairs, in advance of the OBR forecast and Chancellor George Osborne’s Autumn Statement.
He said:
“The government must focus on radical supply-side reform if economic recovery is to continue.
“The government should be looking to reduce taxes, shorten the overlong tax code, simplify planning regulation, and cut the vast swathes of red tape that make it hard to do business in this country. Giving businesses more freedom over hiring and firing, cutting maternity leave entitlements and getting rid of the minimum wage are specific reforms that the coalition should aim to target.
“Such moves would be helpful not just for businesses, but also in getting millions of struggling people into work.
“Economic growth in the UK is often stifled by a great deal of invasive regulation and a byzantine tax code – one of the longest in the world – which costs businesses billions of pounds each year merely to comply with. Recovery will be achieved through private sector growth, and the government must do all it can to let private businesses flourish.”
Notes to Editors
To arrange an interview with Mark Littlewood, IEA Director General, please contact Stephanie Lis, Communications Manager, 077 5171 7781, 020 7799 8900, slis@iea.org.uk.
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.
He said:
“The government must focus on radical supply-side reform if economic recovery is to continue.
“The government should be looking to reduce taxes, shorten the overlong tax code, simplify planning regulation, and cut the vast swathes of red tape that make it hard to do business in this country. Giving businesses more freedom over hiring and firing, cutting maternity leave entitlements and getting rid of the minimum wage are specific reforms that the coalition should aim to target.
“Such moves would be helpful not just for businesses, but also in getting millions of struggling people into work.
“Economic growth in the UK is often stifled by a great deal of invasive regulation and a byzantine tax code – one of the longest in the world – which costs businesses billions of pounds each year merely to comply with. Recovery will be achieved through private sector growth, and the government must do all it can to let private businesses flourish.”
Notes to Editors
To arrange an interview with Mark Littlewood, IEA Director General, please contact Stephanie Lis, Communications Manager, 077 5171 7781, 020 7799 8900, slis@iea.org.uk.
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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