“Over-investment in domestic property and under-investment in almost everything else”
Larry Elliot, writing in the Guardian, reviews our economic ups and downs throughout the Queen’s 70 year reign. His concluding paragraphs are worth reading.
70 years on and UK is still mistakenly looking for economic miracle cure
Larry Elliott www.theguardian.com
Getting the big picture right – setting interest rates at the right level and having a competitive pound – clearly matters but so does getting the small stuff right. Over the years, too little attention has been paid to the supply side of the economy, in part because the long lead times for policies to work sit uneasily with the demands of the electoral cycle for instant results.
The message from other – more successful – economies is clear and has been clear for the past 70 years. Identify the structural weaknesses of the economy, which in Britain’s case includes over-investment in domestic property and under-investment in almost everything else. Put in place the right policies to remedy the problems. Then stay the course.