£7

Can Bojonomics reboot the UK economy?

Event Information

Share this event

Date and Time

Location

Location

Remark Events

18 Leather Lane

London

EC1N 7SU

United Kingdom

View Map

Refund Policy

Refund Policy

Contact the organiser to request a refund.

Eventbrite's fee is nonrefundable.

Event description
Academy of Ideas Economy Forum discusses whether, post-Brexit, the new Conservative government really has the ideas to lift the UK economy.

About this Event

One of the biggest policy benefits from leaving the EU is the end of the ‘Brussels excuse’. No longer can British ministers blame the European Commission – often illegitimately – for tying its hands in dealing with Britain’s economic challenges. Now the buck clearly stops with a Boris Johnson-led government, which is also has the benefit of a large parliamentary majority. What do its early actions tell us about the new government’s approach to national economic policy?

The single most important feature of Britain’s economic problems is the prolonged period of slowing, and then stagnating, productivity growth. This accounts for the deceleration in rising living standards, as well as the widespread turn to borrowing to keep households and businesses moving along. The main driver of the productivity predicament is increasingly recognised as a dearth of business investment. This has held back the diffusion of innovations and improved technologies, and spawned the emergence of a high-employment but low-productivity economy.

What can any government do to fix this? Would greater state intervention tend to accelerate or constrain the process of economic renewal? To what extent does Johnson’s talk about adopting a changed economic course represent a break from traditional Tory scepticism about government economic activism?

Some of Johnson’s colleagues describe the philosophy of Bojonomics as ‘cakeism’: wanting to spend more and tax less, without borrowing too much. Is that assessment dismissing the possibility of doing things differently? Why couldn’t the recent consensus around borrowing to boost public infrastructure spending turn into a catalyst for higher levels of private investment too?

Other critics of the government see the concept of a ‘Northern strategy’ and ‘levelling up’ the regions as little more than an attempt to hold on to new Conservative voters. But could this shift of direction become the long-overdue centrepiece for a national unifying mission to regenerate the whole economy? Or is an activist regional policy likely to distract from an ambitious national programme of change? Was the Johnson government’s first big economic decision to rescue the regional airline Flybe an indication of a fresh pro-growth agenda, or a continuation of state support for failing businesses?

This forum takes place in the aftermath of the new government’s first Budget statement on 11 March, where chancellor Sajid Javid is expected to announce a five-year £100 billion infrastructure and housing programme, with a focus on the regions that helped achieve the Tory majority. We’ll be able to discuss to what extent the Budget statement and other policy announcements signal a genuine departure from previous practices.

SPEAKER

Phil Mullan

economist and business manager; author, Creative Destruction: how to start an economic renaissance

Share with friends

Date and Time

Location

Remark Events

18 Leather Lane

London

EC1N 7SU

United Kingdom

View Map

Refund Policy

Contact the organiser to request a refund.

Eventbrite's fee is nonrefundable.

Save This Event

Event Saved