Tomorrow I give my lecture at All Souls Oxford on how to promote growth.
Chancellor Reeves would be well advised this week to be studying the US model. The US has outgrown Europe and the UK all thus century so far, and is forecast to grow more than twice as fast again this year. President Trump is determined to up their growth rate further.
Central to doing so, he has made his peace with the US tec giants. Regulations and taxes will be adjusted to assist their growth. The policy has got off to a great start with the announcement of a $500bn 4 year investment by three of them. This compares with our Chancellor claiming a£600 m gain from her China visit spread over 5 years. The US announcement was 1000 times size of the UK!
The US will expend her oil and gas industry. We will close ours down. It will cut taxes. The UK has just put them up on business daring to employ people. The US welcomes billionaires and millionaires. The UK criticises them and taxes them out of the country.
It is going to take sone changes for the UK to grow faster than the US.