Katie Lam: Price controls set by Governments have a very long and dismal history of failure
Katie Lam criticizes the government's proposal for price controls as a misguided solution to rising costs. She argues that historical attempts at price controls have consistently failed and often lead to increased prices and shortages. The underlying issues of production costs and inflation are not addressed by simply mandating lower prices.
- ▪Katie Lam is a shadow Home Office minister and MP for Weald of Kent.
- ▪The government has considered implementing price controls to combat rising costs.
- ▪Historically, price controls have failed to work and often exacerbate economic issues.
Opening excerpt (first ~120 words) tap to expand
Katie Lam is a shadow Home Office minister and MP for Weald of Kent. Since entering Number 10, Keir Starmer has described all manner of things as his “number one priority”, proving the phrase means nothing at all coming from our Prime Minister. But amongst them is bringing down the rising cost of day-to-day goods. He’s right that, across the country, many people are working harder and harder, while finding themselves with less money at the end of the month. Curiously, the Prime Minister’s plan for bringing down those costs seems to have involved driving up energy costs for food producers, taxing farms into oblivion, and taking more of people’s money to give to those who aren’t working. And now, having tried nothing, this Government is all out of ideas.
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