Economics & Social Policy

What is to be done with the British economy?

The UK needs a modern economic policy that is tailored to the opportunities and constraints of the contemporary international economy. In response to the economic shock of the Covid public health crisis and a decade of slow growth and economic stagnation it needs a confident and audacious policy of macro-economic management and supply-side reform.

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Helping Generation Rent become Generation Buy: 

This paper’s contribution to the housing policy debate is to outline the policies that are needed on the demand side. Too often, on the demand side, the Government’s policy interventions have resulted in higher house prices, exacerbating the challenge facing buyers. Now, there needs to be a shift away from direct interventions such as help to buy or temporary freezes in stamp duty, says Gerard Lyons.

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Fiscal principles for the future

This paper calls for a pro-growth economic strategy as the best way to address Britain’s fiscal position.

Fiscal principles for the future is co-authored by Gerard Lyons, Graham Gudgin, Warwick Lightfoot and Jan Zeber.

Dr Gerard Lyons, Senior Fellow at Policy Exchange, said: “It is right to use fiscal policy as a shock absorber, to avoid premature tightening and to direct spending towards capital investment and public services. The main focus has to be on a pro-growth agenda, that reduces unemployment and allows the economy to recover.”

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Monetary response to the coronavirus crisis

This paper focuses on how central banks have responded since March to the Covid crisis, explores the discrete episodes such as the liquidity crisis in the Spring and the evidence of companies borrowing to accumulate cash and the equity price boom that has followed the huge injections of liquidity into the international financial system. It offers an impression of where policy makers are and the limits that central banks confront in a low interest rate environment where monetary policy has no more space left and is not effective.

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A labour market that works

The Government should give anyone without a job who wants to start a new business £100 a week for a year, says a new report from Policy Exchange – published a day after unemployment surged to the highest level in over three years.

A labour market that works argues for a new 2020 Enterprise Allowance, based on a successful scheme launched in the 1980s.

It is backed by Rt Hon Sajid Javid MP, former Chancellor of the Exchequer, and Rt Hon Lord Young of Graffham, architect of the original idea during the unemployment crisis of the 1980s, who warns: “it is highly probable that we shall shortly face the highest increase in unemployment ever known.”

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Why the Government should spend more on capital

This paper argues that the Government should spend more on capital investment. The case was already strong before the Covid-19 crisis and has been strengthened since, as its financing has become more affordable. The paper highlights the importance of taking advantage of the present macro-economic environment afforded by low borrowing costs to provide stable – and sizeable – funding for new infrastructure through an increase in capital spending by the public sector. Additional capital spending, in excess of the fiscal rules, would be sustainable and affordable

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Latest Economics & Social Policy Publications

Monetary response to the coronavirus crisis

Monetary response to the coronavirus crisis

This paper focuses on how central banks have responded since March to the Covid crisis, explores the discrete episodes such as the liquidity crisis in the Spring and the evidence of companies borrowing to accumulate cash and the equity price boom that has followed the huge injections of liquidity into the international financial system. It offers an impression of where policy makers are and the limits that central banks confront in a low interest rate environment where monetary policy has no more space left and is not effective.

A labour market that works

A labour market that works

and

The Government should give anyone without a job who wants to start a new business £100 a week for a year, says a new report from Policy Exchange – published a day after unemployment surged to the highest level in over three years.

A labour market that works argues for a new 2020 Enterprise Allowance, based on a successful scheme launched in the 1980s.

It is backed by Rt Hon Sajid Javid MP, former Chancellor of the Exchequer, and Rt Hon Lord Young of Graffham, architect of the original idea during the unemployment crisis of the 1980s, who warns: “it is highly probable that we shall shortly face the highest increase in unemployment ever known.”

Why the Government should spend more on capital

Why the Government should spend more on capital

, , and

This paper argues that the Government should spend more on capital investment. The case was already strong before the Covid-19 crisis and has been strengthened since, as its financing has become more affordable. The paper highlights the importance of taking advantage of the present macro-economic environment afforded by low borrowing costs to provide stable – and sizeable – funding for new infrastructure through an increase in capital spending by the public sector. Additional capital spending, in excess of the fiscal rules, would be sustainable and affordable

Latest Economics & Social Policy Blogs

20 years of the euro

20 years of the euro

Twenty years after the creation of the euro, a powerful cocktail of forces have made the southern economies of Europe permanently uncompetitive compared to the northern economies and the wider international economy. Yet the currency may limp on for years yet

Latest Economics & Social Policy News

Latest Economics & Social Policy Events

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  • Friday, 6 April, 2018
    8:45 - 10:00

Policy Exchange welcomed Siv Jensen, Norwegian Finance Minister and leader of the Progress Party, who said that British and Norwegian views on the single market in financial services have often been aligned and reflected on the challenges for monetary policy, including the lowering of inflation targets and an increase in interest rates to ensure credit risk is appropriately priced. Singling out the housing market, she argued that home ownership is cherished by people in both Norway and Britain – and that a balanced approach to regulation is required to avoid asset booms (and busts).

Venue:  

Address:
Policy Exchange, 6th Floor, 8 – 10 Great George St, Westminster, London, SW1P 3AE, United Kingdom

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  • Wednesday, 14 February, 2018
    10:30 - 11:30

The Secretary of State for Foreign and Commonwealth Affairs, Rt Hon Boris Johnson MP, set out his vision for a liberal Brexit in a speech given at Policy Exchange.

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  • Tuesday, 30 January, 2018
    8:00 - 9:00

The Chief Secretary to the Treasury, Rt Hon Liz Truss MP, made the case for the free market in an event at Policy Exchange. Truss said that free enterprise has huge economic benefits, driving down prices and creating growth and jobs, and is intensely democratic and open, breaking down monopolies, hierarchies and outdated practices.

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  • Thursday, 7 December, 2017
    12:00 - 13:45

How can the UK ensure that it is competitive post Brexit? Dominic Raab MP joined an expert panel to offer answers to this question which will have a significant impact upon the wealth of the country following Brexit. This event marked the launch of Everyone has a part to play: Improving the UK’s competitiveness post-Brexit by enhancing the rule of law, a new report from Linklaters on this once-in-a-generation opportunity to reinforce the rule of law and hence the UK’s economic competitiveness and prosperity.

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  • Tuesday, 20 June, 2017
    12:15 - 13:30

Policy Exchange was delighted to host a talk by Peter Cove on his strategy for ending poverty in the USA

Venue:  

Address:
Policy Exchange, 6th Floor, 8 – 10 Great George St, Westminster, London, SW1P 3AE, United Kingdom

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