Regulation and innovation: Promoting growth through regulatory reform

Britain’s growth rate has not recovered from the financial crash: indeed, our performance was already weakening from about 2005. Although our performance has been particularly bad, other Western countries also have a growth problem.

The poor performance really becomes clear after the 2008 financial crisis. GDP per capita rose by 0.5 per cent per year from Q4 2007 and Q4 2019 in both the UK and the OECD. But we have been performing particularly badly since our departure from the EU. GDP per capita fell by 0.1 per year in the UK between the end of 2019 and 2024, while rising 0.6 per cent per year in the OECD.

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