#178 - Malcolm Offord - We Forgot How to Create Wealth

The Peter McCormack Show

Peter McCormack

Power, Politics, Government, Markets, News, Society & Culture, Technology, Society, Inflation, Finance, Bitcoin, Economics, Money

4.7 • 2.8K Ratings

🗓️ 25 May 2026

⏱️ 67 minutes

🔗️ Recording | iTunes | RSS

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Summary

Lord Malcolm Offord joins me to discuss why Britain and Scotland have stopped creating wealth.

They discuss state spending, political fragmentation, Scotland’s elections, Adam Smith, The Wealth of Nations, QE, the Bank of England, first jobs, minimum wage, small businesses, quangos, the managerial class, Reform, the Greens, America, and whether Britain needs a welfare economy or a wealth economy.

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TIMESTAMPS:

00:00:00 - Britain Forgot How to Create Wealth

00:01:01 - Two Revolutions at Once

00:01:36 - Is Democracy Fragmenting?

00:05:36 - Is the State Too Dysfunctional to Deliver?

00:07:30 - Spending More and Getting Less

00:08:42 - Scotland’s Political Warning

00:10:06 - “I Won’t Vote for Decline”

00:11:22 - Britain Has Stopped Creating Wealth

00:13:21 - How to Think vs What to Think

00:16:50 - Why First Jobs Matter

00:23:12 - Business Prevention Officers

00:27:14 - Trickle-Up Economics

00:30:34 - QE Protected the Rich

00:37:31 - The Managerial Class

00:40:48 - Parliament vs the Public

00:44:42 - Why Voters Are Fed Up

00:50:28 - Can Reform Fix the System?

00:55:05 - Welfare Economy vs Wealth Economy

00:58:37 - Can the State Get Any Bigger?

01:04:34 - Britain Is Being Left Behind

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CONTACT PETE

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CONNECT WITH MALCOLM OFFORD

› Twitter – https://x.com/Malcolm_Offord

Transcript

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0:00.0	The state is spending more of our money than as ever done before.
0:05.0	For the extra 10% of spending, are our schools better, our hospitals better,
0:11.0	are our roads better, is our policing better, our communities happier?
0:15.0	The bottom line is that we have not created wealth in this country for a generation.
0:22.3	The QE artificially protected asset prices to keep the rich rich.
0:27.5	And what has done is systematically lock out a generation of people who can't get into
0:31.9	the market.
0:32.9	Which way do you want this to go?
0:34.7	Do you want more of the same? More taxes want more taxes, more spend, more inflation?
0:40.4	Would you want to try something different? We need to start creating wealth. We are going to be
0:44.2	massively left behind and that will be of all sorts of ramifications, not just for public
0:48.9	services, but for defence, for everything else. We can't rely on America all the time. We need
0:53.7	to start making money.
0:56.6	This show is brought to you by my lead sponsor, Iron, the AI cloud for the next big thing.
1:02.3	Iron builds and operates next generation data centers and delivers cutting edge GPU infrastructure,
1:07.7	all powered by renewable energy. Now, if you need access to scalable GPU clusters or
1:13.2	are simply curious about who is powering the future of AI, check out iron.com to learn more,
1:18.7	which is iri-n.com. Morning, Malcolm. How are you doing? Good morning, Peter. Good to be here.
1:26.1	We seem to be having two revolutions happening at the same time. We seem to be having two revolutions happening at the same time.
1:31.1	We seem to be having a left-wing socialist revolution.
1:34.8	We seem to have a kind of right-wing, hopefully free market revolution, but these splits
1:40.4	quite to the right, quite to the left happen at the same time.
	...

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