The economy is failing. We need to think radically about how to fix it | Liam Byrne
by Liam Byrne from on (#3611X)
Post-crash, the UK's economic growth has not recovered. New fiscal freedoms for the regions are among the bold measures that could rescue it
The news that our recovery is now slower than after the Great Depression should sound the death knell of an economic model that simply isn't working.
The figures are salutary. When Wall Street sneezed in 1929, the UK very quickly caught the cold. By 1932, the economy had shrunk by more than 5%. Unemployment spiralled to an extraordinary 17%, setting the stage for turbulent politics fuelled by the rise of both the British Communist party, which elected its first MP in 1935, and Oswald Mosley's British Union of Fascists.
After almost a decade of low growth and despite almost full employment, output is refusing to bounce back to old norms
Related: UK GDP: Britain's economy grew by 0.4% as Brexit slowdown continues - business live
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