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Prosperity

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. 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 which allows small groups to gain market dominance and excessive returns through anti-competitive practices.

Prosperity

Prosperity (Cont.)

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 skills-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 deskilling 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. The future lies in the shaping of a genuinely social market which would be in consequence a genuinely free and open market. Pricing in 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. Again the viable transformative solutions here lie beyond the purview of the current visions of both left and right in the UK.

Prosperity Workstreams

Publications

2013 Autumn Statement: Give charities a break

Given the political pressure over recent weeks and months it would be surprising if the Chancellor did not make an announcement aimed at tackling the increasing rates burden on businesses...

BSA comment on the launch of the ResPublica report ‘Markets for the Many’

The Economic Voice profiles ResPublica’s publication ‘Markets for the Many’....

The Economic Voice
‘Devo Manc’ call for devolution to Manchester

MANCHESTER should be given income-tax raising powers and complete control of spending within five years as a blueprint for granting full devolution to English cities, a think tank said....

2013 Autumn Statement: Give charities a break

Given the political pressure over recent weeks and months it would be surprising if the Chancellor did not make an announcement aimed at tackling the increasing rates burden on businesses...

A new democracy in a new Britain? – a view from Leeds

I have been very excited by the way in which the Scottish referendum campaign engaged people in a discussion about feelings of powerlessness and how to regain democratic control over...

A Story of ”the Church Militant here on earth” and the Usurers? There’s mo...

The Church of England’s contribution to the controversial debate over payday loan companies has received a good deal of media coverage. This is of course an issue that has troubled...

Rt Hon John Hayes MP, Minister for Transport: ‘Devolution – empowering communities to plan & deliver 21st Century Infrastructure?’
19th March 2015

‘Devolution – empowering communities to plan & deliver 21st Century Infrastructure?’ was a high-profile evening panel event exploring the current planned policy blueprint for devolved...

21st Century Healthcare: Technology, participation and medical innovation, with George Freeman MP, Minister for Life Sciences
11th February 2015

‘21st Century Healthcare: Technology, participation and medical innovation’ will be a UK first, bringing together the key stakeholders from across the industry to form a...

Digital currencies: Will regulation stifle innovation? with Steve Baker MP & Adam Afriyie MP
9th February 2015

In the wake of the financial crisis, the world of finance has seen the rapid growth of digital currencies. Offering a payment service that is...

How can the financial sector better serve the needs of society?
4th February 2014

Launch of ResPublica’s Latest Report: “Markets for the Many: How civic finance can open up markets and widen access”. Launched with opening remarks by Cathy...

Can Protection Insurance Kick-start Lending?
12th June 2013

On 12th June 2013, ResPublica will launch its latest publication, Risk Waiver: closing the protection gap and easing the flow of credit, which explores the...

Research Projects

Making Small Business Big: Developing SME supply chains

Over the past decade it has become increasingly recognised that SMEs represent the key to future economic growth and socio-economic prosperity, with small businesses being...

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...

Local Place Partnerships: How to accelerate home building

The repeated failure of successive governments to engage in any substantial house building programme has left a chronic shortage of housing.  In order to meet...

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...

Author(s)