The Institute of Economic Affairs invites you to attend:
An IEA Book Launch
Sorry, We Have No Money – Britain’s Economic Problem
by Warwick Lightfoot
The event will run from 6:30pm until 8:00pm, with brief remarks from the Author at 7:00pm
“This book is a timely reminder of how little the UK's problems have to do with individual bank failures, recession and the business cycle. Warwick Lightfoot provides a clear and balanced account of the last few decades' dilemmas, controversies and policy choices; and argues convincingly that we should revisit the analysts and analyses of the 1970s as a guide to future action."
Prof Alison Wolf, Sir Roy Griffiths Professor of Public Sector Management, King's College London
"This is an interesting and timely book. ... All main party politicians are signed up to Mr Lightfoot's direction of travel, so they should look at his book to understand a little more why it might be a good idea to cut the proportion of public spending."
Rt Hon John Redwood MP, Chairman of the Conservative Economic Affairs Committee
The Blair years appeared to mark a watershed in Britain's post-war economic history. The spectre of decline and de-industrialisation faded from view and in their place came a feeling of affluence based on easy and available credit, rising asset prices, the consumer benefits of a strong pound and a government intent on eradicating social inequalities. When the bubble burst in 2008, the harsh truth was left for all to see - the dependence on unsustainable government spending, de-marketised regions, widening skill gaps and the long-term demographic problems caused by an ageing population.
In this new book, Warwick Lightfoot uses the non-technical approach of the political economist to grapple with the economic problems of modern Britain and assesses:
• Why have huge increases in government spending failed to deliver a significant improvement in social welfare?
• Why have thirty years of reform of government spending failed to deliver increased efficiency?
• Do large parts of the UK more closely resemble the economics of the former GDR and Soviet Union than the BRICS?
• What are the steps needed to reform the UK economy?
Warwick Lightfoot is a professional economist with specialist interests in monetary policy, public expenditure, taxation and labour markets. Formerly the economics editor of The European