There is a confidence among US Democrats and Britain's Labour Party that the way forward for prosperity is the restoration of good manufacturing jobs. But the conviction that it is going to 'level up' the UK into a carbon-free manufacturing hub is fantasy land. That is why BP recently received a $540m (£446m) black eye on offshore wind power in New York. In fact, manufacturing productivity is declining in spite of subsidies. US research suggests that the key to powering up growth is not green subsidies but structural reform (shrinking the size of the state) and economic liberalisation.

Source: Daily Mail November 12, 2023 22:24 UTC