“Much has been made of the Prime Minister’s speech at the Conservative Party Conference last week in which she proposed a more interventionist industrial strategy, as well as the announcement by the new Home Secretary Amber Rudd of curbs on immigration from EU and non-EU countries alike. For many, Theresa May’s closing speech stood in marked contrast to her Brexit speech a few days before and represented a dangerous illiberal reversal that would turn Britain into a closed, under-performing economy such as we saw in the 1970s."

...

“It is perfectly permissible to have an industrial strategy that is based on competition as a normative organizing economic principle. Given that all markets are distorted in some way, there is plenty of space for the May government to systematically remove the distortions that impede the British economy and harm the poor. The distortions in agriculture and energy would be a good place to start, and we can accomplish these by ensuring that the UK is out of the Common Agricultural Policy and Common Fisheries Policy as we exit the EU, and by having a more pro-competitive approach to energy regulation internally."

...

“The opportunities for Britain and the world are immense. The potential for catastrophic failure is also real. Those who are not at once excited and terrified do not fully understand the stakes. As the rocket stands on the launch pad, the engine we are fashioning now will determine the path it will take when launched. We must bring all our talents to bear on this vital piece of engineering."

Read: Brexit Britain Can Be a Catalyst For Global Free Trade

Related

  • Legatum Institute Special Trade Commission [View]