In the wake of a long period of underperformance, economic growth has once again become a pivotal issue in the UK’s political discourse. As the nation approaches the 2024 elections, all political parties are expected to place a significant emphasis on growth within their manifestos. This shift in focus is a critical response to the UK’s pressing need to enhance living standards, fund public services, and improve social outcomes.
This report delves into the urgency of reinvigorating the UK’s growth trajectory, especially in light of the impending fiscal pressures posed by Net Zero initiatives, re-militarization, and an ageing demographic. Without a substantial increase in the growth rate, the nation risks further tax hikes and spending reductions.
We present five strategic policy levers aimed at bolstering the UK’s growth prospects. By elevating the annual growth rate towards the historical norm of 2%, surpassing the post-2008 average of 1%, we estimate an additional £50 billion in annual spending for the UK treasury. These policies also strive to terminate the prolonged wage stagnation, liberating households from the cycle of diminishing living standards and financial insecurity.
In this report we propose policies to:
- Increase the deployment of capital and automation technologies
- Increase technology adoption and diffusion
- Increase the size and efficiency of the labour market of our tier 2 cities
- Lower housing costs by building affordable homes near good jobs
- Increasing trade openness post Brexit and leaning on our service trade strength
Read the report to learn more or contact one of our experts.
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