The Spectator

Full text: Liz Truss’s LSE lecture – ‘I want to take a zero-tolerance approach to wasteful spend’

As an economics geek, and a committed free marketer, I’ve always admired the London School of Economics. Despite its left-wing reputation, it was the academic home of Hayek. But even more than that, it produced my husband, Hugh O’Leary.

It means that whenever I want a late night discussion about supply side reform or econometrics, there’s always someone on hand. And why do I love this stuff? Because I care about freedom.

I’ve never liked being told what to do. And I don’t like to see other people being told what to do. Britain is a country that is raucous and rowdy.

We have a younger generation of self-starters growing up, who are desperate shape their own futures. Who reject hierarchy and understand the networked world and who want to take on the establishment – and win.

That’s not just a healthy attitude to have in life. I believe it’s key to our economic future. I believe that our future lies in cultivating their maverick spirit. I want our economic model to be one where it’s not about the state deciding what you do, it’s about you deciding what you do. And from the grainbelt of our agricultural heartlands, to the brainbelt bursting out around our great universities…From the port cities to the inland empires. With greater freedom, all of these places have the capacity to do and be more. Truly free enterprise has huge economic benefits, driving down prices and creating growth and jobs. It breaks down monopolies, hierarchies and outdated practices. It destroys barriers, and erodes inequality.

It’s good for business, and it’s good for our nation of Airbnb-ing, Deliveroo-eating, Uber-riding freedom fighters. As the LSE’s own Lionel Robbins said: “every day, thousands of people cast their votes for the hundreds of products and services on offer, and from the competition to win votes, better and better products and services arise.

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