A letter to the Financial Timesfrom David G Blanchflower and others, with 163 economists as signatories:
The UK economy needs reform. For too long it has prioritised consumption over investment, short-term financial returns over long-term innovation, rising asset values over rising wages, and deficit reduction over the quality of public services.
The results are now plain. We have had 10 years of near zero productivity growth. Corporate investment has stagnated. Average earnings are still lower than in 2008. A gulf has arisen between London and the South East and the rest of the country. And public services are under intolerable strain — which the economic costs of a hard Brexit would only make worse. We now moreover face the urgent imperative of acting on the climate and environmental crisis.
Given private sector reluctance, what the UK economy needs is a serious injection of public investment, which can in…
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