UK state aid system will “distort competition, slow down innovation and favour incumbents”


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Christopher Snowdon writes for Spiked

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Julian Jessop quoted in the Daily Mail

Victoria Hewson quoted in the Telegraph

The UK is embarking on a new period of interventionist economic policies by replacing EU state aid rules with a homegrown subsidy system. The move will see taxpayers money distributed to private companies to boost the economy.

Although it is promising that the UK is diverging from EU bureaucracy, Victoria Hewson, Head of Regulatory Affairs at the IEA,  blasted the proposals in the Telegraph saying: “It is concerning that the government sees intervention and subsidisation in the economy as under-pinning our post-Covid recovery”.

Victoria argued that: “using taxpayers’ money to prop up failing businesses is likely to distort competition, slow down innovation and favour incumbents”.

Read the full article here.

 



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