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P.ublished 17th July 2024
business

Pro-Growth Reforms Risk Being Dragged Down By Red Tape, Warns IEA

Image by Mathew Browne from Pixabay
Image by Mathew Browne from Pixabay
Commenting on the King’s Speech, Tom Clougherty, Executive Director of the free market think tank, the Institute of Economic Affairs (IEA), said:

“The King’s Speech promises several welcome measures to get Britain building and growing again, particularly measures to enable more infrastructure and housing. The biggest handbrake on growth is undoubtedly our broken planning system.

“But we must not be stary-eyed about the rhetoric on growth when much of the agenda pushes in the opposite direction. Pro-growth measures risk being held back by new red tape and risky ‘mission-led’ central planning.

“The ban on new North Sea oil and gas will continue to hamstring Britain’s recovery from the energy crisis. A stack of new regulations on the labour market will reduce flexibility and increase structural unemployment. Rail nationalisation and industrial strategy are fraught with the risks of wasted taxpayer money, trade union dominance, and cronyism. New AI regulations could make Britain less hospitable for investing in developing world-leading technologies. The smoking ban takes away freedom from future adults while risking the creation of a mass criminal black market.”
The shortened address for this article is: newspub.uk/01qo5
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