The Peter McCormack Show
#055 - Shanker Singham - How to Fix the UK Economy
Mar 4, 2025
Shanker Singham, a prominent trade economist and competition lawyer, dives into the challenges facing the UK economy. He critiques past government decisions that have stifled growth and increased national debt, comparing the UK's stagnation to the rising economies of the US and Poland. Singham advocates for labor market flexibility and deregulation, arguing these reforms could ignite competition and innovation. He also discusses Brexit's economic potential and the transformative role of Freeports in revitalizing the UK's financial landscape.
01:24:21
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Quick takeaways
- The UK economy has struggled due to past government decisions that stifle growth, increase debt, and impact everyday citizens' lives.
- Understanding GDP per capita is vital, as it reveals the economic realities individuals face, highlighting the gap between overall GDP and personal prosperity.
Deep dives
Impact of Economic Growth on Societal Optimism
Economic growth, reflected in GDP per capita, significantly influences societal attitudes toward the future. When people experience upward mobility and positive economic prospects, they tend to feel more optimistic and hopeful about their own lives and those of their children. Conversely, economic contraction diminishes people's will to thrive and leads to pessimism. This correlation highlights the importance of recognizing the role of government policies over the past 25 years in shaping current feelings about economic stability.
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