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The UK has some of the highest levels of wealth concentration in the developed world. It has an economy where most mature markets are dominated by a small number of players and the barriers to entry are far too high.


Prosperity (Cont.)

It is not an exaggeration to suggest that in many areas, from energy to banking to groceries, the UK has a monopolistic rentier rather than a market economy – a system in which certain individuals or small groups gain market dominance and excessive returns through anti-competitive practices. This conspires against innovation and is detrimental to the small and emergent businesses that generate growth and spread prosperity. Added to this, our education system, by specialising too early and often in the wrong areas, fails to produce students with fully rounded skill-sets. We are simply not equipping our future workforce with the means to safeguard our, and their, economic future. This is one reason why the real value of wages in proportion to growth in GDP continues to stagnate or fall. Our long-term productivity dilemma is a function of market capture and the effective de-skilling of the population.

We believe that shared prosperity cannot be achieved by simply tweaking the market. Britain needs significant demand and supply-side transformation, with new visionary institutions re-ordering our economy. We need long-term solutions that give power over wealth and assets, not simply handouts, to ordinary people. Central to this process of economic empowerment is an ethical, practical and adaptable education that gives people the skills to build their own businesses, or develop their own talents, rather than a conveyor belt to a service industry of low wage and less return.

New financial institutions to promote small business lending are required, and this involves smaller, more specialised and decentralised banks that can deliver advice as well as capital. We wish to explore ways in which all financial transactions can be linked to a wider social purpose and profit, which itself needs a transformation of the legal framework within which economic transactions take place. We believe that the future lies in the shaping of a genuinely social market which would be in consequence a genuinely free and open market. Internalising externalities and creating a level economic playing field in terms of tax paid and monopolies recognised and challenged, remains beyond the scope of contemporary governments to deliver. Such a vision requires new concepts. The viable transformative solutions lie beyond the purview of the current visions of both left and right in the UK.

Prosperity Workstreams

High Speed Rail into Liverpool

HS2 is the UK’s biggest and most expensive infrastructure project. It has been sold and justified as an essential piece of economic investment that will...

  • Comments Off on Domesticating Supply Chains: How manufacturing can help rebalance the UK economy
Domesticating Supply Chains: How manufacturing can help rebalance the UK economy

Outline Rebalancing the UK’s economy is an attempt to rectify what are seen as damaging economic distortions in Britain’s economic mix. The concept of this...

Make or Break: How sterling can drive Britain’s manufacturing renaissance
1st December 2015

Speakers  Caroline Flint MP Anna Turley MP Seema Malhotra MP Lord Bilimoria of Chelsea Chaired by: Phillip Blond, Director, ResPublica The recent collapse of the...

Finding True North: Beyond the Northern Powerhouse
18th March 2016

Finding True North is the next step forward for the Northern Powerhouse agenda placing identity, culture, collaboration, and innovation at its heart. The Government’s Northern...