The UK in the global economy

Article

The UK economy is not delivering. On the surface it has some impressive strengths: employment levels are high, fewer older people are living in poverty than in the past, and we have a number of globally successful sectors. But there aren’t enough such sectors and too few people have been sharing in their successes. In recent years our economy has been growing, but most people are no better off than a decade ago. For many people the economy does not appear to be working at all.

Policy responses to structural changes in the global economy have also failed to deliver a just economy. Previous waves of technological change have enabled greater offshoring and changed the shape of the labour market, with differential effects on groups in society. Inaction on climate change will have the greatest impact on those who are most vulnerable and are least to blame.

This time must be different. The political response is and must be ours to determine; we must choose a way forward that points to both prosperity and justice. Policymakers who value the goal of a stronger and fairer economy must be ready with a bold and coherent policy programme in response to crisis and change.

This will be the agenda for the Centre for Economic Justice.

Related items

  1. The Bank of England is watched over by a statue of the Duke of Wellington seated on his horse

    Fixing the leak: How to end the £22 billion annual taxpayer losses at the Bank of England

    The Bank of England increased its interest rates over recent years, aimed at reducing inflation. But this has also had an unintended effect on the Bank of England’s massive government bond buying – ‘quantitative easing’ – programme. 
  2. A two way street with busy traffic of driving cars and double-decker buses in autumn

    Fairer is faster: The route to greener and healthier domestic transport

    The government can speed up efforts to decarbonise transport by targeting the highest emitters.
  3. View of Bank of England, Royal Exchange, and Duke of Wellington equestrian statue (1844) with skyscrapers and construction in background.

    Navigating in the fog: Why the OBR should hold its nerve on the productivity forecast

    The fiscal watchdog is under pressure to downgrade its forecast, costing the chancellor billions – but this would be premature.