The Peter McCormack Show #081 - Tom Clougherty - How the Government Broke the Economy
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Jun 10, 2025 Tom Clougherty, Executive Director at the Institute of Economic Affairs, dives into the pressing issues plaguing the UK economy. He dissects the consequences of punitive taxes, bureaucratic overreach, and the hollowing out of the middle class. The conversation explores the challenges of local businesses facing rising costs and government inaction, advocating for radical economic reforms, including a mixed healthcare model and significant tax changes. Clougherty also highlights Bitcoin's potential role as a safeguard against economic uncertainty, calling for renewed public education on these critical issues.
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QE Missteps and Inflation Lag
- Quantitative easing post-2008 was misunderstood, delaying inflation but not preventing eventual price rises.
- COVID-19 triggered delayed inflation due to excessive money supply and pent-up spending.
Economy Drives Social Order
- Economic decline fuels social disorder and lowers societal expectations of order and safety.
- Improving economic conditions could reverse increasing tolerance for crime and squalor.
Foundation in Classical Economics
- The Institute of Economic Affairs bases its ideas on classical economics and free markets.
- It aims to restore liberalism and individual liberty in UK economic policy.
