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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...

“The Road to Repair: Promoting social and economic prosperity through infrastructure investment” With Rt Hon John Hayes MP, Minister for Transport
19th March 2015

In March 2015, ResPublica will be holding a conference that will focus on ways in which long-term infrastructure investment, in partnership with local communities, can...

An Infrastructure Strategy for the UK, with Rt Hon John Hayes MP, Minister of State for Transport
21st January 2015

Early next year, ResPublica will be hosting a private half-day infrastructure conference with the Minister for Transport and Senior Parliamentary Adviser to the Prime Minister,...

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

Building Homes, Creating Places: How to provide long-term supply and demand solutions to the housing crisis

The repeated failure of successive governments to engage in any substantial house building programme has left a chronic shortage of housing. Recognised as a basic...

HS2/3 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...

Out of the Cold: Creating a Consumer-led Energy Efficiency Policy Offer

There are demonstrable financial, environmental, social and health benefits to improving the thermal efficiency of the UK’s domestic housing stock, but the Government’s flagship energy...

The Future of Banking: Restoring trust and confidence in the financial services

Full day conference, call for partners Location: Simmons & Simmons, 17th February 2015 Building on the success of our recent publication ‘Virtuous Banking : Placing...

The Road to Repair: Promoting social and economic prosperity through infrastructure investment, with Rt Hon John Hayes MP

ResPublica is holding a high profile conference at which the Minister for Transport and Senior Parliamentary Adviser to the Prime Minister, Rt Hon John Hayes...

Unlocking Finance and Investment for Community and Local Energy

Alongside the planning process, one of the major market barriers faced by community and local energy projects is the sourcing of finance and investment. As...

The Community Renewables Economy: Starting up, scaling up and spinning out

The rising costs of energy bills, matched by infrastructural and international pressures faced by businesses, producers and suppliers to combat climate change, demands a radical...

Author(s)