Thinktank calls for major overhaul of Britain's economy

IPPR commission suggests changes on a par with Labour's post-war reforms

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A radical overhaul of Britain's economy as far-reaching as Labour's post-war reforms and the Thatcherite revolution in the 1980s is needed to address the UK's chronic failure to raise the standard of living of millions of workers since the 2008 financial crash, according to a major report.

In a damning verdict on the state of the UK economy, the IPPR commission on economic justice, which includes the Archbishop of Canterbury Justin Welby, senior business leaders and economists, found that the UK is being held back by a business culture dominated by decades of short-term profit taking, weak levels of investment and low wages. Among the report's 73 recommendations are: a 1 rise in the minimum wage; the replacement of inheritance tax with a 9bn-a-year "lifetime gifts" tax; and greater economic devolution across the UK.

Achieving prosperity and justice together is not only a moral imperative - it is an economic one - Justin Welby, Archbishop of Canterbury

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