Although the British economy’s pace of growth has recently picked up, some worry that this increased pace will only help the more prosperous. George Osborne, chancellor of the Exchequer of the United Kingdom, joined AEI on Friday to discuss the British recovery and the future of economic policy in the United Kingdom. Osborne stressed that while some pessimistic forecasters believe secular stagnation is in the United Kingdom’s future, history has shown that economic growth and opportunity lead to increases in the quality of life of everyone, not just the best off.
He emphasized that the best way to ensure that growth continues and is enjoyed by all is by embracing smart policies rather than more government spending. By lowering corporate taxes and cutting spending, the British government, he said, showed businesses that it was safe to invest in the UK’s economy. Meanwhile, smart government investments in infrastructure, science, and education will help maintain growth and opportunity for British citizens. Above all, he noted that the free market, not government intervention, has been and will continue to be the source of growth and prosperity around the world.
In the aftermath of a deep recession in 2008–09, the United Kingdom’s budget deficit climbed to levels rivalled only by levels in the United States. Today, the UK is forecast to have the fastest-growing economy in the G7. At this event, Chancellor George Osborne will explain the coalition government’s approach to economic policy and discuss the UK experience, which is particularly relevant for current US debates over fiscal policy, monetary policy, and tax reform.
If you are unable to attend, we welcome you to watch the event live on this page. Full video will be posted within 24 hours.
Registration and Lunch
Kevin A. Hassett, AEI
George Osborne, Chancellor of the Exchequer, United Kingdom
Kevin A. Hassett, AEI
Event Contact Information
For more information, please contact Emma Bennett at [email protected], 202.862.5862.
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Kevin A. Hassett is the State Farm James Q. Wilson Chair in American Politics and Culture and director of economic policy studies at AEI. Before joining AEI, he was a senior economist on the Board of Governors of the Federal Reserve System, an associate professor of economics and finance at Columbia Business School, and a policy consultant to the US Department of the Treasury during the George H. W. Bush and Clinton administrations. He served as an economic adviser during the George W. Bush 2004 presidential campaign, as chief economic adviser to Senator John McCain during the 2000 presidential primaries, and as senior economic adviser during the McCain 2008 presidential campaign. Hassett also writes a column for National Review.
George Osborne became chancellor of the Exchequer, United Kingdom, in May 2010. He is the youngest chancellor to take office since Randolph Churchill in 1886. Following the 2010 UK general election he was part of the small Conservative Party negotiating team during the discussions that led to the formation of the coalition government. He was appointed to the position of shadow chancellor in 2005, where he served opposite Chancellors Gordon Brown and Alistair Darling until 2010. In 2005 he successfully ran David Cameron’s campaign to become leader of the Conservative Party. He has been the Conservative Party member of Parliament for the parish of Tatton, Cheshire, since June 2001.