00:00What do you make of this? Do you believe we're now on the precipice of a worse situation than 1970s?
00:07Well, it would hardly be surprising. The fact is that governments of both parties in recent years
00:14have seemed to think of the economy purely in terms of tax and cuts, and virtually no attention
00:21other than lip service has been paid to generating growth. Now, the essential thing about the 70s
00:27analogy is that, yes, indeed, Britain's cheques were bouncing, we had to go to the IMF, but
00:34Thatcher came in at the end of that decade and completely reversed the situation by, first
00:41of all, lowering tax, secondly, encouraging enterprise, and going for growth. And yet,
00:46you know, this doesn't appear to be a priority. As I say, there is lip service paid to it.
00:50But nobody is actually implementing the policies which will result in higher growth. So you
00:57asked me if the situation is as bad. I don't know, because I'm not an economist, but I would
01:02not be surprised.
01:03Well, I guess Liz Truss tried to go against the grain, but she was taken out by the establishment.
01:10Well, she was, but also she did mishandle it and mishandle it very badly. But yes, she alone,
01:16she alone of recent prime ministers has recognised the importance of growth.
01:20You mentioned that Thatcher came in during the end of that period and turned the ship
01:25around. Who do you think will do that this time around? I mean, will it happen even?
01:30Nigel Farage, I don't see it happening in any other way at all. We need real change. We need
01:38something completely different. And we need a party that is committed to lower taxes, which reform is,
01:44to growth, which reform is, to encouraging enterprise, non-doms and, you know, getting
01:50industry to want to invest in Britain. That all means a completely different approach.
01:56Well, can I ask you, Rand, that's, that's, you know, fine and dandy, but what's to stop
02:00Nigel Farage and whoever his chancellor may be, I don't know, Richard Tice, perhaps, who knows,
02:04what's to stop happening to what happened to Liz Truss to them? You come in with all these
02:09radical ideas, reform, you know, name is on the tin. What's to stop them getting taken
02:13out by the globalists and the, you know, the OBR and whoever? Well, as I said before,
02:21you know, it wasn't that Liz Truss had the wrong policies. It was the A, she tried to do too much
02:25too soon and B, she mishandled it. I do not believe that Nigel Farage will fall into either of those
02:31traps simply because we have that example right in front of us. Okay.
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