In this IEA interview, IEA Director of Communications Callum Price sits down with Lord Hannan of Kingsclere, Newspaper Columnist and President of the Institute for Free Trade. They discuss the current state of classical liberalism and the serious structural challenges facing the UK economy. Lord Hannan recalls his personal journey from supporting tariffs to becoming a champion of free trade, explains the need for fundamental constitutional reform in Britain, and analyses why economic growth remains stagnant despite repeated political promises.

The conversation examines why meaningful economic reform typically requires a crisis, with Lord Hannan drawing direct parallels between Britain's current situation and the 1976 IMF bailout that set the stage for Thatcher's reforms. He provides a frank assessment of both President Trump's economic policies and the Labour government's approach, arguing that confronting the "blob" of unelected regulators and officials is absolutely necessary for implementing policies that promote growth.

Lord Hannan concludes by recommending a Singapore-style healthcare system as his top policy priority, emphasises the importance of teaching classical liberal ideas rather than assuming people understand them, and outlines how Britain's fractured political right might find enough common ground to effectively challenge the current government. This comprehensive interview provides essential context for anyone interested in Britain's economic challenges and the potential for free market solutions.

The Institute of Economic Affairs is an educational charity, it does not endorse or give support for any political party in the UK or elsewhere. Our mission is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems.

Get full access to Institute of Economic Affairs | Insider at insider.iea.org.uk/subscribe