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Richmond upon Thames Liberal Democrats:Covering the constituencies of Twickenham and Richmond Park |
Laura Chappell: Vince needs to consider his legacy
August 25, 2011 11:43 AM
• [Aug 25] Laura Chappell* writes: PLAN A is looking shakier than ever. After a slow climb out of recession, growth is now stalling and unemployment rising again, the approach taken thus far - cutting the deficit, and waiting for a spontaneous boom in the private sector - feels ever more risky, both politically and for our pockets. Vince Cable, who has always looked uneasy with a "plan for growth" that involves little except sitting back with fingers crossed, must feel increasingly unnerved.
And he's right to be worried. His credibility is on the line and his legacy at BIS is yet to be secured. Now is the time for him to develop his Plan B, or Plan A+, or whatever language he needs to use to make an alternative approach politically acceptable. Our recent examination of the UK's growth potential suggests that without a strategic but vigorous set of policy interventions by Vince's department, we will struggle to survive, let alone flourish, in 'the Asian Century'.
The report makes clear that the UK is a serial under-performer compared to our competitors. On investment in business, on skills, on innovation and productivity, and on presence in emerging markets - all key components of a successful, adaptive, innovative economy - we are decidedly mediocre and, in some cases, worse than mediocre when compared to similar OECD and G7 economies. None of this is Vince's fault but all of it is now his responsibility . .
* Associate Director at the Institute for Public Policy Research [IPPR].
• Laura Chappell: Vince needs to consider his legacy [LDV Aug 25]
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