Growth in the short-term requires additional demand and only the government is in a position to provide it. Growth in the medium term requires increasing supplies of capital, labour and land, and better ways of utilising them. It will not be easy.
The government has published a Growth Review and a Plan for Growth, which it is now reviewing. But the economy is barely growing. Each of these documents suffered from the same basic weakness. Each started from a set of measures agreed between the coalition partners - cuts in corporate tax rates, an increase in the personal tax allowance, aggressive budget deficit reduction - and attempted to build a growth plan around them. This is the wrong approach.
A longer companion piece to this paper - The state of the economy - discusses the outlook for the economy, its strengths and weaknesses, and the opportunities and threats that it faces.
Snakes and ladders: Tackling precarity in social security and employment supportAcross the country, people are trying to make ends meet, build financial security and pursue their aspirations. But, in a vicious cycle of snakes and ladders, many are being pulled down into poverty.
Making markets: The City's role in industrial strategyTo tackle climate change, we need a significant increase in public and private capital investment.
Broken hearted: A spotlight paper on cardiovascular diseaseProgress on cardiovascular disease was a significant driver of better health and prosperity in the latter half of the 20th century, however progress has recently stalled – with indications it may be in reverse.