Manufacturing a British Economy

Prof Philip Booth writes for the Wall Street Journal

Politicians cannot stop trying to design the economy. In this respect they have a hugely over-inflated sense of their own abilities. Gordon Brown was an impulsive meddler—he really did believe that government knows best. Now George Osborne and other coalition ministers are falling into the same trap. Last week the Chancellor of the Exchequer announced that Britain needed an economy oriented towards exports and investment, in keeping with the interventionist tone of his budget announcement earlier this spring.

It's a pity that he holds these views because what Britain really needs—if this week's dismal GDP figures are anything to go...

Read the rest of the article on the Wall Street Journal website (subscription required)

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