Commenting on Ed Miliband’s speech at Labour Party Conference, Prof Philip Booth, Editorial Director at the Institute of Economic Affairs, said:
“Ed Miliband clearly does not understand the root cause of rising living costs. His speech set out an array of government interventions. It is precisely these kind of interventions which have seen the price of food, energy and housing reach such burdensome levels.
“His tinkering policies will do little for families struggling to make ends meet. Unfortunately the Labour Party has not recognised that the most effective way to reduce living costs and unleash economic growth is to reduce taxes and ease regulation.”
A proposed 20 month freeze in gas and electricity prices:
“Ed Miliband has failed to get to grips with why the costs of energy are so high in the first place. It is only because of repeated government interventions and regulations that household bills have reached such an unaffordable level.
“A freeze in prices will produce yet more uncertainty. The Labour Party would do well to realise that lower energy prices will only come from a scaling back of government interference in energy marke