Coalition lack a fresh vision for the economy

From: Dr David Hill, World Innovation Foundation, Huddersfield.

THE UK economy is ultimately heading downward, no matter which political party comes to power. For banks and politicians do not understand industry or what creative innovative economics are all about.

The coalition Government has made rebalancing of our economy a high priority. The forecasting group Cambridge Econometrics (CE) looked at the future shape of the economy under their thinking. They concluded that manufacturing’s share of economic output will continue to decline and that financial and business services will carry on expanding to the highest share in modern times.

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Added to this, the Government share (public services) will fall back to where it was in 2000 before the big spending increases under Labour. So by 2020, CE says that the UK will be even more of a service based economy. As such, there will be no rebalancing of the economy.

Consequently we have to realise now that we have to be radical with our thoughts if our future wealth is to be more and not less.

Overall, we have therefore to start thinking “out-of-the-box” and develop completely new industrial bases from scratch.

This will mean the input of all the people of the United Kingdom and not the elitist system that has got us into the terrible state/mess that we find ourselves today. In this respect our independent innovators need empowering. Strangely though, the coalition government make no mention whatsoever of the involvement or the significance of our innovators within their economic strategy and that is why it will in the end fail so miserably as usual. We have to start afresh!