Structural reform: A growth manifesto | The Economist

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This is an interesting article in the current edition of the Economist reporting on a recent report published by the LSE Growth Commission. Both the article and the report are worth a read, in my view. Check it out!

Structural reform: A growth manifesto | The Economist.

Personally, I struggle to see any of the three major political parties campaigning on structural reform and growth. There is a major trust and credibility challenge to be addressed first, in my view.

What do you think?

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2 responses

  1. The three main political parties have no coherent or considered policy for growth and improving the competitiveness of the country.

    Indeed by their actions, they are improving the competitiveness of our competitors and ensuring that money and jobs stay offshore.

    The evidence for this is overwhelming:

    –The City of London was overtaken by New York in November of last year as the world’s largest financial centre and exporter of “invisibles”.

    Within 2 years it and New York will have been overtaken by Singapore which will also become the top wealth management centre.

    Within 3 years it, New York and Singapore will be overtaken by Hong Kong.
    Was this reported by the BBC at the time ?

    No

    Have any of the party leaders articulated a credible strategy to deal with this?

    No

    –Our education system at state level is still turning out people who cannot read, write or communicate and is the worst in Europe for language teaching of the kind we need to effect export led growth

    –Our public sector is unaffordable and needs radical reform so that taxes can fall to globally competitive levels yet the 3 main parties bicker and posture and the Chancellor insists on debt reduction on its own which is not working.

    Billions remain offshore, large corporates base themselves for tax purposes offshore and pay on average 3% corporation tax with Vodaphone paying nothing and Dave Hartnett, former HMRC CEO now retired on full pension of £162,000 gbp a year having allowed Vodaphone PLC off a £6 billion gbp tax bill and now starting a new job for HSBC (the bank that has been caught laundering billions of dollars for Mexican drug barons), advising them on Corporate Governance

    –Our biggest exporter appears to be BAE defence systems but none of the 3 main parties have a credible strategy for getting business lending going, creating new competitors for the High Street Clearers, ramping up apprenticeships at scale or creating business boot camps to get our youngsters into business
    The policy seems to be one of drift,indecision and studied indifference as we run down our armed forces and through a process of slow and deliberate mission creep move inexorably into a long generation long war in Africa designed to seize vital minerals and oil and deny them to the Chinese.
    If our forces are run down enough as our commitments increase one can see the need for an American style Vietnam draft(conscription), of the unemployed and other expensive to maintain people.
    Truly we live in dangerous times.

    • John,

      Thank you for an excellent response to my blog. I tend to agree with you that none of the main UK political parties have effective policies for dealing with growth. It’s a disgrace, in my view, that the Prime Minister, the Conservative Party and the media seem to pre-occupied with gay marriage.

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