Britain’s economy is deeply flawed. These are the three pledges Labour must make to fix it | Larry Elliott

Overhaul rigid planning rules, invest in infrastructure - there is no magic bullet, but this would set us on a far better path

• Our writers and experts name the top three things Labour must include in its manifesto

It is a statement of the obvious that Britain's economy has deep structural flaws that are badly in need of fixing. A chronic balance of payments deficit, massive and growing regional disparities, weak productivity: all need addressing by an incoming Labour government that has pledged to introduce an industrial strategy built on partnership with business to help remedy matters.

Suffice it to say that there is no magic bullet, because if one existed, it would have been fired a long time ago. An industrial strategy will only deliver if it is crafted by business for business, rather than by civil servants in Whitehall. But there are also things the government could and should do.

Larry Elliott is the Guardian's economics editor