Professor Tim Besley gave a very current lecture at the second Institute for the Economic Analysis of Decision-making (InstEAD) Annual Lecture on Tuesday 6 October 2015.
The event saw over 150 staff and students from the University of Sheffield and friends of InstEAD attend the lecture on the challenges facing the UK Economy.
Tim’s lecture analysed the problems and the opportunities that the UK economy has faced this century and in more recent years. He reflected on some of the work he’s supported as part of the LSE Growth Commission that looks to focus attention on the longer term challenges facing the UK economy since the most recent banking crisis in 2008.
Tim discussed the role the UK government should play in order to secure long term economic growth; such as encouraging innovation and supporting the market through developing infrustructure.
He highlighted LSE Growth commission work that reported that big businesses located themselves in the UK for different reasons but generally because; it is politically secure, has a high standard of judiciary and independent regulators. There is a relatively flexible labour market and increasing high-end skills.
However, he went on to say that the UK does have deficiencies; that there’s a skills shortage in the bottom third of workers, low investment in innovation and transport and energy infrustructure and lower productivity in comparison to other large economies.
Some of the recommendations of the LSE Growth Commission are being implemented. Such as a proposal for a National Infrustructure Commission that has cross political party backing to make infrustructure decisions.
Finally, he highlighted that some of the key policy debates revert back to debates that were had 30 years ago, such as; who is advocating for a free market?, returning institutions to public ownership and reforms of industrial and tax policy.
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