After so many years of insufficient investment and sagging productivity, there is no singular, silver-bullet reform to achieve buoyant, durable, sustainable and inclusive economic growth.
As in many other developed countries lately, the two major political parties in the United Kingdom have embraced economic growth as their top policy priority. Following the volatile 49-day experience of Liz Truss’s government and its “dash for growth” in 2022, however, both parties emphasise that there are no financial shortcuts.
The focus, instead, is on devising measures to boost productivity, resource allocation, and growth over the long term. In this respect, the opposition Labour Party is ahead of the ruling Conservatives, though both are still working out the details of actual implementation.
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Mohamed A. El-Erian, is president of Queens’ College at the University of Cambridge and a professor at the Wharton School of the University of Pennsylvania
