Join us for the IEA Ralph Harris Centenary Lecture featuring Tyler Goodspeed, former Acting Chairman of the Council of Economic Advisers, who delivers his analysis of the UK's economic challenges. Goodspeed reveals that the UK is approximately 40% poorer per person than the US, with British workers producing less in a full year than American workers do by August. He explains how the 2008 financial crisis triggered not just a temporary downturn, but a fundamental change in the UK's growth trajectory, largely due to the different regulatory responses in the UK versus the US.
The lecture goes on to examine how the UK's institutional structure - from banking to planning laws - has constrained growth. Goodspeed highlights that while US businesses get 80% of their external financing from venture capital and private equity, UK firms still rely on banks for 80% of their funding. He also discusses how green belt restrictions, energy policy, and tax structures create barriers to economic efficiency.
The event includes a discussion with IEA Executive Director Tom Clougherty, Editorial Director Kristian Niemietz, and Professor Christian Bjørnskov, who explore these themes further. The panel examines why many UK problems stem from regulatory accumulation rather than any single ideology, making them harder to combat than the economic challenges of previous decades. The discussion concludes with audience questions covering topics from environmental policy to cultural attitudes toward entrepreneurship, offering practical insights into how the UK might return to stronger economic growth.
Disclaimer
The Institute of Economic Affairs is an educational charity, it does not endorse or give support for any political party in the UK or elsewhere. Our mission is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems.