Subsidising low-productivity industries is not a good way to level up
13 September 2020
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In the Media
Christopher Snowdon writes for The Sunday Telegraph
13 September 2020
Labour Market
Economic Theory
Philip Booth quoted in The Sunday Times
The IEA’s Senior Academic Fellow Professor Philip Booth was quoted in The Sunday Times responding to reports that the government’s ‘levelling-up’ strategy will rely on high levels of state intervention.
Philip said that “subsidising low-productivity industries is not a good way to level up. It’s fair to say that it hasn’t worked in the UK. There are several decades of total failure here, from the 1950s onwards in terms of encouraging car plants, the nuclear industry, Concorde, steel and shipbuilding. We never got anywhere near where we wanted to be.”
Read the full article here.
Philip said that “subsidising low-productivity industries is not a good way to level up. It’s fair to say that it hasn’t worked in the UK. There are several decades of total failure here, from the 1950s onwards in terms of encouraging car plants, the nuclear industry, Concorde, steel and shipbuilding. We never got anywhere near where we wanted to be.”
Read the full article here.
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