#30 Fixing Britain's economy with Ewen Stewart

Could Scotland have become Singapore-on-the-Clyde in 2014 had it voted for independence? Is Boris Johnson possibly Britain's worst ever Prime Minister? Does structural reform only happen in times of crisis and how deep is the economic rot that has set in? The British economy is far more centralised and state-run than most people realise. I recently sat down with Ewen Stewart who is the Director of the Institute of International Monetary Research at the University of Buckingham. He sits on the UK Growth Commission and is also a director of the think tank, Global Britain. He believes we have one shot to turn around Britain's malaise and revive areas such as healthcare, defence, and manufacturing. As recently as the Falklands War, Britain was able to deploy 23 frigates and destroyers - roughly one third of its surface fleet. Today it is defenceless in the North Atlantic. Most European countries offer healthcare which is free at the point of need. Whereas Britain tops the quartile rankings in terms of health spending, it sits at the bottom in terms of service. With an immigration policy that Charles Ponzi would be proud of, well over 50% of GDP government spending and a brain drain is underway with more tax rises on the horizon. We discuss what needs to be done to turn things around from a policy perspective to revive a sense of dynamism and energy. You can find out more about the IIMR and the Growth Commission here: https://mv-pt.org/ https://www.growth-commission.com/ This podcast was produced by ‪@Mattjcooper‬ with music composed by ‪@lovermanxoxoxo‬. 0:00 - Welcome And Guest Background 0:50 - Scotland Independence And Fiscal Reality 10:05 - Why Reform Usually Needs Crisis 12:27 - Manufacturing Decline And Trade Deficits 16:45 - Minimum Wage And The High-Cost Squeeze 27:18 - Defence Weakness And Rebuilding Capability 37:20 - The Managerial State And Vested Interests 47:44 - Housing Shortages Planning And Student Debt 52:03 - Welfare Worklessness And Migration Pressures 57:35 - Spending Cuts Before Any Tax Cuts 01:04:00 - Britain’s Innovation Gap And Commercial Hunger 01:09:43 - A Path To Renewal Through Trust 01:22:25 - Markets Morals And The Return Of Faith 01:34:15 - What is the Institute of International Monetary Research 01:42:40 - The Long Bet