UK Economy In "Doom Loop" | Sir Simon Clarke

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UK Economy in "Doom Loop" | Sir Simon Clarke | IEA Interview

20d ago 41:48

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In this Institute of Economic Affairs interview, the IEA’s Director of Communications Callum Price sits down with Sir Simon Clarke, former Conservative MP, Treasury Chief Secretary, and current Director of Onward. The conversation tackles Britain's housing crisis, with Clarke arguing the UK is 4-5 million homes short and criticising government climbdowns on planning reform. He advocates for densifying cities while challenging the "brownfield only" mindset, calling for a more realistic approach to building on lower-value countryside sites including golf courses and poor agricultural land.

Clarke delivers a stark assessment of Britain's economic challenges, warning that the state is spending too much and describing a cultural shift where wealth creation has become viewed with suspicion rather than celebrated. He identifies a "doom loop" where excessive spending requires higher taxes on wealth creators, damaging growth and necessitating even more spending. The discussion covers welfare reform, with Clarke highlighting that 1.2 million more people are now on health-related benefits since February 2020, calling this statistically implausible and economically damaging.

The interview concludes with Clarke's prescription for economic revival: aggressive housing supply reform, curbing state spending including scrapping the pension triple lock, tax cuts starting with reversing National Insurance increases, and regulatory reset embracing Brexit opportunities. He argues the next Conservative government must leave the European Convention on Human Rights to restore democratic control and calls for a fundamental cultural reset similar to the 1980s transformation, warning that Britain cannot assume prosperity as of right but must actively pursue policies that enable success.

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