Queen’s Speech: Fiscal rhetoric doesn’t match up to track record
21 June 2017
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IEA reacts to Queen's Speech
Commenting on the Queen’s Speech, Mark Littlewood, Director General at the Institute of Economic Affairs, said:
“The Government’s action doesn’t match up to their rhetoric. While the Queen’s speech promised fiscal responsibility, the Government’s track record to close the budget deficit is woeful. And talk of delivering hugely expensive projects like HS2 somewhat jars with this promise – public spending should be reduced where possible, not spent on vanity projects that make no economic sense.
“There is also cause for concern about certain manifesto promises that were not included. But further state interventions in labour and energy markets, including a price cap, are still in play and would do more harm than good to both businesses and consumers.
“The focus on preparations for Brexit is welcome and at least the Queen’s speech has promised to press ahead with consulting on the much-needed reforms of social care. This is vital to correct intergenerational inequality and mitigate a huge risk to future taxpayers.”
Notes to editors:
For media enquiries please contact Nerissa Chesterfield, Communications Officer: nchesterfield@iea.org.uk or 020 7799 8920 or 07791 390 268.
Further IEA Reading: Taxation, Government Spending and Economic Growth
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 and seeks to provide analysis in order to improve the public understanding of economics.
The IEA is a registered educational charity and independent of all political parties.
“The Government’s action doesn’t match up to their rhetoric. While the Queen’s speech promised fiscal responsibility, the Government’s track record to close the budget deficit is woeful. And talk of delivering hugely expensive projects like HS2 somewhat jars with this promise – public spending should be reduced where possible, not spent on vanity projects that make no economic sense.
“There is also cause for concern about certain manifesto promises that were not included. But further state interventions in labour and energy markets, including a price cap, are still in play and would do more harm than good to both businesses and consumers.
“The focus on preparations for Brexit is welcome and at least the Queen’s speech has promised to press ahead with consulting on the much-needed reforms of social care. This is vital to correct intergenerational inequality and mitigate a huge risk to future taxpayers.”
Notes to editors:
For media enquiries please contact Nerissa Chesterfield, Communications Officer: nchesterfield@iea.org.uk or 020 7799 8920 or 07791 390 268.
Further IEA Reading: Taxation, Government Spending and Economic Growth
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 and seeks to provide analysis in order to improve the public understanding of economics.
The IEA is a registered educational charity and independent of all political parties.
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