The writer is the Mercers’ School Memorial Professor of Business at Gresham College and author of ‘Growth: A Reckoning’
Why is the British economy still so stagnant? According to the IMF, UK living standards are set to improve at the slowest rate in the G7. Read the papers or listen to the podcasts and one answer is more popular than any other: the Labour government does not have a clear growth strategy.
I think this criticism is unfair. The government does have a growth strategy. The problem is that it is a bad one. And this week’s award of the Nobel Prize in Economics to Joel Mokyr, Philippe Aghion and Peter Howitt, is a reminder why.
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