It is a high-risk strategy both in terms of the wider economic background and the fact that we’re half way through a parliament. Nevertheless, it is a risk worth taking. For the first time in a generation, we are talking about growing our economy, something our main international competitors have been actively achieving for years. As we enter a new era for Britain, we need to be able to compete on the global stage and to do that we must have a robust economy that can stand shoulder to shoulder with the likes of the USA and China
Furthermore, we need a larger economy if we want to increase the amount we spend on defence.
The new Prime Minister has made a bold promise to increase our defence spending to three percent of GDP by the end of this decade.
With tensions rising across the planet, maintaining a strong military force, and more importantly being seen to maintain a strong military force is essential in staring down would be aggressors. The liberalisation of our economy as planned by the Chancellor also has another benefit, greater freedom. The free world has proven superior to the unfree variant because it has shown the benefits of allowing people to have more control over their money and choices than the state. Hence tax cuts are not simply helpful as they allow individuals more purchasing power, but in an era of high taxation and personal financial uncertainty are also a moral good.
On a practical level, freedom is good for businesses and housebuilders.
Governments of all political colours have used the drum of slashing red tape as it’s been rhetorically very easy to promise, but in reality, very difficult to accomplish.
And the biggest roll of tape that has been tied tightest round the economy has been the planning system.
The freedom to build more houses as well as the freedom to develop greater regional infrastructure is essential not only in tackling the housing crisis but in growing the British economy in regions outside London. The sad passing of Queen Elizabeth II showed that Britain still has pulling power on the international stage, the fact that almost every global head of state attended, or was represented at her funeral is testament to that.
However, we must not let her funeral represent the passing of Britain’s prominence on the world stage.
To remain a global power we need a growing global economy to match. It is clear the Government recognises this and why it is striving for growth.
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