To get higher economic growth and higher GDP per capita, four things need to happen. Lower energy costs for business, higher productivity and lower taxation and better infrastructure.
We need more home grown energy now, more oil production rather than importing oil. The follow that with a nuclear power expansion using the modular nuclear reactors produced at home by the likes of Rolls Royce which comes online within the next 5 or so years. none of those things need to cost the taxpayer.
We need more inward investment into tech and finance. People don’t like it but finance is the backbone of this ailing economy. We need less regulation and more inward investment. Less regulation does not necessarily mean loose controls, it means getting regulators to enforce the small amount of regulation you put in place. The regulators in this country are useless, much like government and civil service in general. So more regulation becomes a proxy for better enforcement.
Infrastructure is where the state should spend. Roads, tunnels, bridges. Give Heathrow its third runway and make it the hub of global air travel, given the location of London. Build a hyperloop from London to Leeds. Although looking at the shitshow HS2, our civil servants can’t run a bath, let alone build the hyperloop. And in case the corrupt government would probably steal the funds like they did with HS2.
Give bigger tax breaks for automation investment. It raises productivity. Pays for itself in no time.
Repeating soundbites like we need better public services does nothing. You can’t magic up better public services. You have to produce stuff to pay for it. You need a vibrant economy. Or else you just print, borrow and tax to spend. And look how that turned out in the last 25 years.
Unfortunately, we are led by donkeys and corrupt thickos. None of this will happen, even though it’s not rocket science. It’s just takes political will.