The threat to economic freedom

By Charlie Jameson

The trouble with economic policy ideas that involve state intervention is that they sound so simple and are easily misunderstood as no-brainer solutions by the uninformed.

Energy bills are too high? Nationalise the industry. We need to convert to renewable energy? Simple, harness tidal energy and build windmills! Your train was late? Nationalise the railway. You can’t trust casino banks or crooked bankers, so nationalise them too while you’re at it.

You want to help the poor? Then squeeze the rich until they squeak! We need jobs and infrastructure? Easy peasy, print money for the people! This is ideological insanity and the road to economic doom, but to some people they sound like easy solutions to simple problems.

This is my fear. Populism can be popular, and populism can veer politics wildly off script. Our economy is slowly recovering, and prosperity in Britain will be built on letting people of all levels of society keep and spend more of their own money, getting out of the way of business and encouraging industriousness. Britain is full of hard working wealth creators, turn the bull loose!

Capitalism is alleviating poverty all over the world. Free trade and free markets lead to falls in child mortality, rises in prosperity and higher standards of living. That is the reality of progress over recent decades while the left mourn the failures of Communism and Socialism and try and resurrect them.

The Labour Party is now a threat to economic freedom, the bedrock of liberty. Under the hardcore socialist Jeremy Corbyn they propose state across every area of the economy. Nationalisation of industry without compensation, tax rises across the board, expansion of the welfare state, taking over the Bank of England… God knows what else the authoritarians in the shadow cabinet will dream up.  The Corbynite Labour Party would ruin us all.

Income tax will be ramped up and the middle class will have their aspirational spirit crushed, the rich will simply leave and the poor will be subsidised to accept their place. Corporations will be rinsed, tax avoidance and relocation will increase. Unemployment will rise and job creation will die. Investment would go on hold indefinitely.

Dreams of massive public spending investment will be dashed as they fail to raise the money expected because they killed off the economy and chased the wealth creators out.

I hope to God he and his motley crew get nowhere near Downing Street. We need income tax lowered, planning laws simplified and liberalised, green taxes and economically illiterate Co2 targets abolished, fracking to green lighted, innovative creative industries to be given tax breaks and outsourcing in public services.

The state must be made smaller and far more efficient so that it lives well within its means, and allows the people to decide how to spend their money. We need a liberal economy, not a state run one.

Charlie is a business owner and property developer. Follow him on Twitter @thisthingofmine