A path back to growth
For the next few years, the priority in the UK is achieving output growth and the declines in unemployment that would accompany it. But understanding the UK’s economic problems as a combination of short-term and longer-term risks makes it clear that a wider set of policies is needed.
After drawing out the two horns of the UK's economic dilemma – weak demand in the short term and the risk of reduced supply capacity and growth potential in the longer term – this paper outlines a range of interrelated policy changes, fiscal and industrial, to address these problems in the round.
It says that the roadmap for growth should have six crucial elements:
- an increase in the scale of quantitative easing
- fiscal measures to boost growth in the short term combined with a reaffirmation of the plan to eliminate the deficit in the medium term
- additional infrastructure spending
- measures to make household debt restructuring easier
- measures to keep the long-term unemployed in touch with the labour market
- an active industrial policy.
Tony Dolphin, Senior Economist and Associate Director for Economic Policy
In the news
George Osborne accused over Brit recovery
The Sun - 01 Jan 2013
Think Tank Warns Of Sluggish 'Groundhog' 2013
Sky News - 01 Jan 2013
Sluggish growth at home and crisis in Europe – 2013 to be a ‘groundhog year’
Metro - 01 Jan 2013
17 days to save the economy
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Time to expand QE?
City AM - 14 Aug 2012
IMF: spending cuts to cost the UK £50bn
Mirror - 24 Jul 2012
Osborne urged to change strategy
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Coalition's economic strategy backfires
Guardian - 23 Jul 2012
Economic gloom set to continue
Daily Mail - 23 Jul 2012
Use public funds to boost economy
Telegraph - 23 Jul 2012
Bo-Jo batters go-slow Osbo
The Sun - 23 Jul 2012
Author(s) : Tony Dolphin - 01 Jan 2013
Author(s) : Tony Dolphin - 25 Oct 2012
Author(s) : Tony Dolphin - 25 Jul 2012
Author(s) : Will Straw - 25 Jul 2012
Author(s) : Tony Dolphin - 20 Jul 2012
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