Conservatives Launch Economic Interim Report |
This morning the Economic Competitiveness Policy Group released its Interim Report. It describes the state of the UK economy today, identifies the main obstacles to economic prosperity, and goes on to describe the Group’s future work.
The Report describes how the UK is slipping down the growth tables and losing jobs to more competitive parts of the world as a result of: • The excessive burden of regulation; • Education’s failure to respond to employers’ needs; • An over-centralised and badly managed public sector; • An undervalued science, technology, engineering and mathematics (STEM) community; and • The UK’s woefully inadequate transport infrastructure that is running out of capacity The Report then sets out the work ahead to find ways of reversing the decline in the UK’s productivity performance and the way to create vitality and energy again throughout the economy. Commenting, Chairman of the Group, John Redwood, said: “We are optimistic about the possibilities for the UK. We believe we can achieve so much together. We can lift more people out of poverty, create more and better jobs, and improve our public services. We can create conditions in which the privileges of the few become the birthright of the many in the next generation. “The Report sets out how to boost growth, raising personal incomes and the amount collected in taxation to pay for extra public services, as a result of the extra activity. It shows that there is a different way of approaching investment in transport, energy and pensions, which can increase them all without raising public spending. It turns the spot light on science, maths and technology teaching in schools and universities, and illustrates the need for more endowment and scholarships in our university world. “If we could lift our growth by one percent we would have £5000 million a year extra to spend on public services and £7000 million a year to spend on our families. If we could do that each and every year, what a difference that would make. Ireland has done much better than that, showing a clean pair of heels to the rest of the EU in recent years. “We want to see an enterprising UK, where people can own a share in their place of work and a home of their own. We want all our citizens to be able to aspire to own a stake in our society, to own part of its productive potential and to own a castle of their own for private time. We want to offer something to those who still cannot manage to own anything, who have their noses pressed to window pane of the world of the haves, who watch it on TV but do not feel it can be theirs as well. We know it can be. We want to extend that possibility to all.” |
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