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Making Markets Work for the Many

Making Markets Work for the Many

About this Workstream

The financial crash of 2008 exposed Britain’s economic settlement as fundamentally broken. Inquiries undertaken immediately after the crisis exposed a culture in the banking industry that revered short-term profiteering over long-term national prosperity.


The financialisation of the British economy and its subsequent implosion has undermined living standards and continued to weaken the regional economies that most British citizens rely upon for their economic welfare. The market fundamentalism that had propagated the rise and fall of Britain’s financial sector, and which has dominated the mind-sets of many of those who make our laws, has been exposed as unfit to deliver the prosperity, market access and competition it purported to promote. Apparent alternatives such as a massive increase in bureaucratic regulation or the outright nationalisation of the big banks only compound rather than address the problems that we face.

We argue that, for markets to be open to the many rather than just the few, a different approach to governing markets, and in particular financial markets, needs to be developed. It is an unfortunate fact that, despite much reform in this area, many banks and financial institutions are still not supporting our small businesses or communities as they should. Banks are potentially among society’s great economic and social enablers, and have the ability to be a truly transformative force for good in society. Yet the uncompetitive, homogeneous and detached nature of the sector means that it cannot currently serve the needs of society or support the entrepreneurship we need to prosper in the new global race. To open up markets to promote wider competition and innovation, we argue for the reform of existing financial companies and the creation of new institutions to finance the needs of wider society and not just the interests of those who work in the Square Mile. We also consider the needs of a new re-balanced economy to be one that prioritises manufacturing, promotes regional economic growth and helps to shape a new agenda for the city regions that are so crucial for attaining widespread affluence.

Projects
All politics is local

Underlying the recent rejection of past decades’ political certainties is the belief among many communities that they have been cut off from the wider country....

Projects
Recognising and revitalising cultural identity

Culture, the arts and creative industries are vital to economic prosperity and social reform. Too often, culture is overlooked by policy-makers as they seek, wrongly,...

Projects
Towards a new housing settlement

An affordable, secure, and comfortable home is a foundational block of any good life. But we have an increasing deficit in housing supply, caused by...

Coming Home to Roost: The British Poultry Meat Industry After Brexit – Report Launch
6th September 2018

Join us at the launch of our new report on the British Poultry Sector post-Brexit. In this report we outline how the future of the...

Appetite for Global Success: How food and drink manufacturing through the industrial strategy can feed UK prosperity and serve global needs
2nd November 2017

ResPublica is launching its latest report on the importance and strength of the Food and Drink manufacturing sector and its role in the entire food...

Defending Religious Liberty: Placing society at the heart of the new British Bill of Rights
30th November 2016

Fiona Bruce MP, Chair of the All-Party Parliamentary Group on Religious Education, is joined by academics and other experts, in a discussion of the value...

Going to Scale: Building the homes we need
17th November 2016

Clive Betts MP, CLG Select Committee Chair, joins Stephen Hammond MP, Treasury Select Committee member, to discuss our new approach to scale up and accelerate...

True North 2016: Realising the Northern Powerhouse
8th July 2016

On Friday 8th July, ResPublica’s inaugural North conference Finding True North hosted over 250 leaders from across the North at the beautiful Lowry Theatre, Salford....

Skills for Infrastructure: How can future demand be met to fuel prosperity?
8th March 2016

Skills Minister Nick Boles joined Sir Terry Morgan, Chairman of Crossrail, and Andy Mitchell, Chief Executive of the Thames Tideway Tunnel, to debate how our...

Make or Break: Why Britain needs a manufacturing resurgence and how we can help it to take place
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...

Building for the Future: What now for housing?
16th June 2015

Keynotes – Roberta Blackman-Woods MP, Shadow Housing Minister Clive Betts MP Speakers –  Sara Bailey, Head of Residential Real Estate, Trowers & Hamlins David Cowans,...

Vocational Banking: Restoring trust and confidence in financial services
28th May 2015

On the 28th May 2015, ResPublica hosted a breakfast panel session entitled Vocational Banking: Restoring trust and confidence in financial services. Featuring a keynote speech...