I have this sinking feeling that I am a character in ‘Carry on Growing’, an expensive and dated UK movie.
A farcical plot about growth when there is no growth. Comparing Carry on Growing with the US blockbuster, Make America Great Again 2, or the Argentinean production, Economics Chainsaw Massacre, with all their action and results is depressing.
‘Carry On’, would be a more accurate as growing has eluded us. This title captures the core problem facing the UK – a debilitating status quo that politicians seem to have quietly resigned themselves to.
When the Economic Oscars are handed out, the prizes will not be gold statues, they will be growth and enhanced prosperity for many. The winners will be those who had the conviction and critically the aptitude to deliver change and hope. Our version, Carry On (Growing), for the time being, is not a contender.
This would be less worrying if we could just stream a different channel. Sadly, this is not possible, unless you, like many non-doms, plan to leave the UK. It is scary and I find myself watching developments through my fingers.
Let’s concentrate on the part of the plot which focuses on growth. This is the biggest contradiction as UK growth is pitiful. The Bank of England recently slashed their 2025 UK GDP growth target by 50 per cent to 0.75 per cent. If the UK was a listed equity, the share price would be hammered as the market reacted to the large profit warning. The management would also come under significant pressure to make changes.
Sadly, many of the Government’s promises on growth and opportunities and actual policies contradict each other. They promised to prioritise growth and business but they hiked employee National Insurance for companies. ‘Woo investment and entrepreneurs’ yet they’ve driven out non-doms. ‘Support food security and the natural environment’ and then delivered an Inheritance Tax raid against farmers. ‘Champion the importance of education’ and then hit private schools with VAT. Much of this muddle and lack of choreography stems from the fact that there seems to be no coherent plan or message from the top team.
Sad: Many of the Government’s promises on growth and opportunities and actual policies contradict each other
There is also a worrying use of artistic license to big up the growth narrative. The Chancellor’s over-hyped trip to China netted a poultry £600 million in contracts. It’s so small you’ve got to wonder if we were being actively snubbed by the world’s second largest economy?
The comparison with the USA is also striking – President Trump secured $600 billion in contracts from Saudi Arabia after a telephone call. The much-lauded new runway at Heathrow, is a pro-growth move and a good statement of intent, but we won’t see the economic effects of this for many years. The audience or electorate are not as detached as our leading actor, Ms Reeves, may like to think and exaggerating outcomes will reduce trust in future announcements.
I have not seen the end of our film, but if we continue on this anaemic growth path, it will be a tragedy. A low growth, heavily taxed, ageing, indebted country shackled by our growing commitments. This should not be the legacy we pass on.
We don’t have much time to turn the economy around, and the government needs to come up with a coherent plan fast. Loaded with action, purpose and the latest ‘management’ CGI with an inspired plot that brings home a clutch of well deserved Economic Oscars. This would also be a huge success with the public and the box office. We will also rely on our own homegrown political A listers, yet to be fully identified, with their big performances and vision. If you need inspiration, look no further than the US and Argentine productions, with their leading actors – Trump and Milei.
The viewers – or should I say the electorate – are losing faith and a worry is they just switch off or engage with more extreme politics. Who wants to be part of a Carry On box-office flop, slipping on economic banana skins, struggling and panned by the critics?
Lights, camera, action.
Charles White-Thomson is a senior fellow at the Adam Smith Institute and former UK online trading platform CEO
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Read More: Carry on Growing: Britain feels like it’s stuck in a comedy of errors on economic growth,