IEA Director General Mark Littlewood has written for The Times outlining the importance of spending restraint and supply-side reform to the success of the government’s plan for growth.

Highlighting the enormous potential upsides of addressing Britain’s regulatory burden, Mark wrote:

“Can the removal of red tape and unnecessary regulatory burdens swiftly unleash an entrepreneurial boom? On the face of it the potential gains are enormous. Our calculation was that the total cost to the UK economy of the whole panoply of rules and regulations amounts to £220 billion a year. Make those savings and the £150 billion energy package and £45 billion tax cuts announced by the chancellor suddenly appear easily affordable.”

Mark concluded by emphasising that supply-side reforms must be accompanied by spending restraint:

“This is perhaps the best — even the only — chance for real regulatory reform for a decade. It should be seized. But to do so, the prime minister and chancellor need to first discharge a more urgent duty: to show they have a plan to get Britain’s eye-watering debt under control.”

The full article can be read here.