People walk across the City of London financial district on October 25, 2023 in London, England.Reuters/Susanna Ireland/File Photo Obtaining license rights
LONDON, Dec 4 (Reuters) – Britain needs a new economic strategy to reverse 15 years of declining living standards and worsening inequality, a leading think tank and academic research center said on Monday.
According to the Resolution Foundation and the Center for Economic Performance at the London School of Economics, productivity growth in the UK is half that of other rich countries, and workers lose an average of £10,700 a year in wages. 3,577 dollars).
They were due to present the final report of their research project, entitled ‘Economy 2030’, at an event scheduled to be attended by Chancellor of the Exchequer Jeremy Hunt and Opposition Labor Party leader Keir Starmer.
Both the ruling Conservative Party and Starmer’s Labor Party have pledged to accelerate Britain’s slow pace of economic growth ahead of a national election expected in 2024.
“There is no excuse for fatalism,” said Thorsten Bell, chief executive of the Resolution Foundation.
“Closing the gap with our peers in Australia, France and Germany would significantly improve our standard of living, making the average household more than £8,000 better off.”
The report says the UK will develop trade policy to focus on leading service companies, increase transport investment in major cities such as Birmingham and Manchester, and correct its worst public investment record among G7 economies. I think it should be done.
It recommended that tax incentives should be directed towards young businesses and that individuals should be encouraged to take more business risks with higher unemployment benefits in case of failure.
($1 = 0.7881 pounds)
Written by William Schomberg.Editing: Daniel Wallis
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