How the British Broke Their Own Economy
14 hours ago
- Britain faces a productivity slump and stagnant real wages for 16 years, with a housing and energy shortage at the core of its economic woes.
- The 1947 Town and Country Planning Act (TCPA) and green belts restrict new housing development, causing homeownership rates to plummet and prices to double since the 1990s.
- Energy scarcity results from reduced nuclear power, declining gas production, and high construction costs, leading to electricity prices more than double those in France.
- Environmental regulations and frivolous lawsuits add significant costs to infrastructure projects, such as a £100 million bat shield for a railway.
- Reforms are needed to overhaul planning laws, reduce anti-growth litigation, and encourage private investment in housing and energy, including nuclear and gas production.