In this Institute of Economic Affairs podcast, IEA Director of Communications Callum Price interviews Andrew Barclay, entrepreneur and founder of Land of Opportunity, a campaign group exploring economic lessons from America. The conversation examines why the US economy has dramatically outpaced the EU since 2008, with America's GDP skyrocketing ahead while Europe stagnated. Barclay discusses his team's research trip to America to understand what drives their economic success and how Britain can learn from their pro-enterprise culture and policies.
The discussion reveals how America's bipartisan celebration of the "American Dream" creates a culture where aspiration and wealth creation are rewarded across political lines. Barclay explains how the US tax system is structured to favour long-term wealth creation, with features like tax deferrals for property developers who reinvest profits and capital gains incentives for start-up investments. He contrasts this with Britain's complex tax code filled with cliff edges and disincentives, such as the VAT threshold that actually encourages businesses to stay small, and argues that America instinctively views regulation as increasing costs on business rather than helping it.
Looking at solutions for Britain, Barclay advocates for reducing the size of government and welfare spending while returning money to entrepreneurs and wealth creators through tax reform. He emphasises that Britain still has the talent and innovation - describing the American Dream as "a British seed planted in American soil" - but has lost its way through decades of politics that penalised enterprise. The conversation concludes with his call for a bipartisan "British Dream" that celebrates aspiration and entrepreneurship, arguing that with the right cultural shift and policy changes, Britain can reclaim its position as a true land of opportunity.
