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05 September 2012

The quest for growth

The UK economy continues to falter in the hands of a Coalition government who look a long way from finding a strategy for growth.

The Labour party has the political momentum. But dealing with the entrenched legacy of 30 years of neoliberalism and changing economic orthodoxy is trickier than many expected. It requires a capacity to make tough choices and a better blend of realism and bold experimentation.

In preparation for a major conference on the economy tomorrow, featuring Labour leader Ed Miliband and shadow shancellor Ed Balls, Policy Network continues its work on political economy with a series of memos on growth strategies and the political dilemmas they present.

The final agenda and speaker list can be downloaded here.

Memo to the Chancellor
Richard Lambert
Britain's economic outlook continues to deteriorate. There is an urgent need for the Chancellor to come up with a bold and credible plan to point the economy towards a better place.

Economic policy after the crisis: Towards a new politics of production
Patrick Diamond
The coalition is halfway through term and little way towards finding a strategy for growth. For the British Labour party, several key priorities for growth are taking shape, but sharper definition is now required.

Repair and renew: learning the lessons of the crisis and forging a new agenda
Rachel Reeves
Tough decisions on tax, spending and pay cannot be avoided. But when money is tight, our values and priorities matter all the more.

No way back: the legacy of a financial sector debt crisis
Helen Thompson
This is no ordinary recession and it has happened at a time of massive economic change. Any centre-left economic strategy must grapple with the central economic problem of our times; ‘radical uncertainty’.

Plan I: why the UK needs innovation-led economic growth
Geoff Mulgan
Commentators and policymakers have struggled to understand the world of innovation. We need not just a change of economic policy but a change of political culture as well.

Things could and should be better
Jonathan Portes
The UK economy has many underlying strengths and things could and should be better. If only policymakers would act.

Labour needs a new ‘golden rule’
Dan Corry & Peter Kenway
While nobody should doubt the seriousness of the public sector deficit and the need to reduce it, it cannot and must not be treated in isolation.

Becoming players in the innovation game
Reinhilde Veugelers
Europe’s future competitiveness depends on the active promotion of innovation based growth sectors.

Labour policies for the jobless generation
Paolo Reboani
Demographic changes and globalisation are destroying the old welfare state. Lowering unemployment is essential to maintain a cohesive society and avoid growing inequalities.

5 myths preventing a progressive growth strategy
Stephen Beer
Labour must talk about investment in terms of being a responsible steward of the public’s money.

This conference is a continuation of Policy Network’s recent work on the future of the political economy:

Rebalancing What?
Mariana Mazzucato

Reforming finance for creative destruction not destructive creation

Making Things
Pat McFadden

A reassessment of British manufacturing

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