British capitalism is broken. Here’s how to fix it | Will Hutton

The country is heading towards a social and economic crisis marked by desperately high levels of inequality. But it's not too late to create a fairer society in which most people flourish

We live in a country whose banking system seven years ago was only saved by a 1tn intervention, and that remains crippled by the legacy of private debt and stunning losses. Months ago, the secession of Scotland, which threatened to break up the foundations of the state, was narrowly avoided; it remains an ongoing threat. Our share of world markets continues to shrink, and our trade deficit has climbed to unthinkable levels. Wages have fallen, in real terms, by the greatest degree in more than a century. Inequality of income and wealth have risen to desperately high levels that may soon metastasise into a serious economic and social cancer.

Yet what is most extraordinary about the present moment is that all this now seems unexceptional; our political and economic order is so thoroughly broken that many no longer find that fact worthy of notice.

Smart societies are impossible to create without fairness, justice and enfranchisement

At best, companies are organisations of genius, solving problems, innovating and delivering great goods and services

The task is to move the financial system away from its fixation with property lending and onto supporting innovation

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