In this extract from the IEA Ralph Harris Centenary Lecture, Tyler Goodspeed, former Acting Chairman of the Council of Economic Advisers, outlines three critical steps to revive UK economic growth. Beginning with the principle of "first, do no harm," Goodspeed argues that Britain must stop undermining sectors where it historically held competitive advantages - particularly in financial services and energy production.

His second point focuses on the importance of personnel in policymaking, particularly at the Bank of England. Goodspeed notes that appointments to key committees have remained remarkably consistent regardless of which party is in power, suggesting that changing the people making decisions could be an "easily remedial problem." He emphasises the vital role of institutions like the IEA in cultivating the next generation of economic policy talent.

Finally, Goodspeed contrasts the US and UK political systems to illustrate his third point about the necessity of strong political leadership. Using Texas's successful shale revolution as an example, he explains how America's dispersed power structure allows good ideas to succeed despite opposition. In contrast, he argues that the UK's concentration of power around the Prime Minister creates a risk-averse culture that stifles change. He concludes with a call for leadership that recognises growth as a moral imperative, stating that Britain has succeeded at this challenge before.

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