The Legatum Institute welcomed Jesse Norman MP for an insightful yet sobering look over the economic horizon. With the Autumn Statement the last real opportunity for new economic policy before the General Election next May, questions covered the likely announcements from the Chancellor in December.
Norman spoke about life beyond the Autumn Statement, and the fact history tells us that it takes at least a decade for an economic crash to work through the system in normal economic conditions. As was clear from discussion, these are anything but normal economic conditions.
Fiscal restraint is the new ‘normal’ in public finances and as was seen at the G20 this week, the debate is now about where global growth will come from, a point that is yet to be successfully addressed. The role of government aid in developing economies was discussed, with strong arguments for the value of market interaction and trade as being the creators of wealth.
Closing thoughts were on the effect of the new economic age on the young generation and how politicians balance their promises to the golden generation with the future of the young.
About the Speaker
Jesse Norman is a member of the Treasury Select Committee, he serves on the boards of the Roundhouse and the Hay Festival, and is a Senior Fellow at Policy Exchange and a member of Council at NIESR, the National Institute for Economic and Social Research.
In 2013 he was asked to join the Policy Board at 10 Downing Street, but left after the vote on Syria. He was awarded Spectator Parliamentarian of the Year 2012, The House Backbencher of the Year 2012, and Rebel of the Year 2013.