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Sunday, June 16, 2024
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HomeNewsKing’s Speech ‘heavy on intervention, light on liberalisation’

King’s Speech ‘heavy on intervention, light on liberalisation’

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Commenting on the King’s Speech, Mark Littlewood, Director General of the free market think tank, the Institute of Economic Affairs, said:

‘The King’s Speech was an opportunity to reset the agenda, yet has proven little more than heavy on intervention, light on liberalisation. While the government promised to “make long-term decisions to change this country for the better”, these announcements risk perpetuating Britain’s nit-picky overregulation, high tax, and low growth economic model.

‘The new football regulator and digital markets interventions could repel investment into some of Britain’s most successful and innovative sectors. The phased smoking ban strips away personal choice while presenting an enticing business opportunity for black market sellers. The banning of so-called “drip pricing” for airlines risks passengers paying more for services they do not need.

‘New trade agreements, including joining CPTPP [Comprehensive and Progressive Agreement for Trans-Pacific Partnership], will give consumers more choices and provide opportunities for British businesses. Expanding North Sea oil and gas licences is a welcome step towards lower energy costs, but it can only go so far. But without a fundamental shift in economic thinking, we are on the path to another lost decade of economic growth.’

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Edited by Kathy Gyngell

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