This short but compelling article, published by leading think-tank, the Brookings Institution is a must read. Whilst the article is focused on the US, it equally relevant to the UK.

via More builders and fewer traders: A growth strategy for the American economy | Brookings Institution.

After reflecting on the implications of the article. It’s worth highlighting a few of the barriers in the UK:

• Excessive dependence upon the financial services industry
• Ineffective competition in the financial services industry
• Poor service and quality in the financial services industry
• Absence of a national industry strategy
• Ineffective support for startups and innovation (see related article with Berlin overtaking London)
• Poor language skills
• Workers not incentivized to take attractive jobs overseas
• Dependence on immigration for farming and healthcare sectors
• Inadequate fiscal stimulus to invest infrastructure and state-of-the-art plant
• Unions have too much power in certain sectors
• Education fails to much demand

Thoughts?