Britain risks “shrinking and splitting” the 2020s further behind its competitors, what key researchers call Tuesday the “decisive decade” of the UK economy Warned that the investigation had begun.
Most developed countries need to address planned moves to net zero carbon emissions, the impact of the coronavirus crisis, and rapid technological changes, but the UK also faced certain Brexit challenges in the 2020s. The London School of Economics, which is part of a think tank and the University of London, has difficult demographic problems.
The Economy 2030 Inquiry, by the Resolution Foundation and the LSE, seeks to recommend the best policies to prevent the UK from becoming sick in Europe. The work is overseen by seven members from academia, business and trade unions.
The Resolution Foundation warns of the UK’s risk of an “Italian” economic decline, saying: “If Britain’s sluggish pace against Germany continues at the same pace in the 2020s, it will end the decade with gross domestic product. Per capita is much closer to Italy than Germany.”
The purpose of the study, funded by the charitable trust Nuffield Foundation, is not to focus on the day-to-day recovery from Covid-19, but on the broader challenges facing the UK economy.
It seeks to inspire what Torsten Bell, director of the Resolution Foundation, called “honest conversation.”
The investigation start report accused the government of ignoring “the very realistic trade-offs the UK faces as it adapts to meet the challenges of the 2020s.”
The transition to a stable new relationship with Britain’s trading partners after Brexit will be a 10-year-wide project, the report said. It added that it would require a decision on how to position Britain in the world of trade giants, including China, the EU and the United States.
The report also reports on UK demographics as the so-called baby boomers are retiring and the number of people over the age of 85 who are likely to need significant health and social care is growing rapidly. He also mentioned how the problem will increase in the 2020s.
The report said the government has a decisive role in setting the UK’s strategy, as new technologies may help address these changes. “It’s not clear if the UK states have the ability to respond appropriately to this scale change,” he added.
The study will publish its final report in 2023, setting a blueprint for the successful UK economic policy of the last decade with the aim of finding a magical formula for “strong, sustainable and impartial.” aims for [GDP] growth”.
Britain risks further lagging behind competitors, researchers say
Source link Britain risks further lagging behind competitors, researchers say