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Monday, 30th March 2015

UK: Economics Manifesto

Source: Policy Exchange (UK)

From the Introduction:

Britain has not had an easy decade. As home to the world’s leading financial centre, Britain was at the forefront of the damage inflicted by the financial crisis, punching a 16% hole in the economy and a 14% undershoot in tax. While real public spending increased 59% between 1997 and 2010, productivity in public services flatlined, showing no overall improvement. The combination of the two left Britain with a 10% deficit-to-GDP ratio in 2009–10 the largest in its post war history, second only to the US out of the G7.

At the same time, a crunch in global commodity prices saw world food prices more than double between 2000 and 2013, and energy prices rise by 256%. As employers struggled to deal with the growing cost of an ageing population and unsustainable pension plans, workers saw more of their salary diverted out of their pay packet to make up for the shortfall. The net result was that real median employee earnings actually fell 1.9% between 2003 and 2013.

But then Britain has seen recessions before – and aspirations to end boom and bust aside, likely will do so again. While the downturn has lasted far longer than most, the British economy is projected to recover the fastest out of the G7 in 2015.

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Having begun his career in academic libraries, Adrian Janes has subsequently worked extensively in public libraries, chiefly in enquiry work as an Information Services librarian. In this role he has had particular responsibility for information from both the UK Government and the European Union. He wrote a detailed report on sources for the latter which was published by FreePint in 2007, and has contributed articles to FreePint and ResourceShelf. He is involved in training in information literacy and the use of online reference resources.

A Contributing Editor to DocuTicker, he also write reviews for Pennyblackmusic.

More articles by Adrian Janes »



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