The Peter McCormack Show
#182 - Julian Jessop - Big Government Broke the Growth Model
- Britain's economic decline stems from oversized state, weak productivity, and policy mistakes rather than structural inevitability; the state has grown too large since the 2008 financial crisis and now claims close to post-war record tax burdens.
- Government intervention in labour, energy, housing, and price regulation actively damages living standards and makes the economy less efficient; examples include minimum wage mandates, planning restrictions, and energy self-sufficiency failures.
- "Vibe-based policy" drives decisions across the political spectrum without evidence; popular policies like rent caps, executive pay ratios, and minimum wage increases poll highly despite economists proving they harm their intended beneficiaries.
- Young people face barriers to employment due to regulation and minimum wage floors; first jobs and apprenticeships matter more than university attendance, yet the system pushes toward higher education and voting rights before real-world experience.
- Makerfield by-election signals contest between Labour (Burnham), Reform, and Restore; outcome may shape Labour leadership and the broader right-wing fracture, though nothing changes the fundamental economic dysfunction under any likely outcome.
- Poland may outperform Britain within five to ten years on living standards; straightforward tax systems and planning rules deliver better outcomes than Britain's complexity, demonstrating that free-market economies outperform state-directed ones consistently.