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Willy’s just so lovely

Britain’s bust, poor, overindebted etc. Therefore:

Britain has to start thinking of itself not as a rich industrial country but as a poor country facing first-order economic development challenges. Large parts of the UK are scarcely better off than middle-income developing countries, and on current trends are about to get poorer. As Chadha and Pabst argue, the response cannot be doubling down on policies we know have failed, notably tax cuts, which in any case are unaffordable. It is to do something novel: it is for a declining rich country to set about building a network of institutions and policies dedicated to development.

This will take decades of determined government, not least creating the capacity to act. On my list is the division of the Treasury into an Office of the Budget and an Economic Strategy Ministry; no more a veto on public investment and public action. Our £3.5tn pension fund industry must be reshaped to support risk and enterprise. Real financial muscle must be put behind the UK Infrastructure Bank and the British Business Bank. Education must be transformed, and training given the status culturally and financially that it deserves. Achieving net zero and levelling up must become national strategies off which we leverage new industries.

But all of those undeveloped nations which switched to being developing nations did so by buggering the government and letting the free market rip. So why’s Wullie proposing what we know doesn’t work?

23 thoughts on “Willy’s just so lovely”

  1. Education must certainly be transformed, he’s right about that. Just not in the way he would like.

  2. Why read the nonsense in The Graudian? I get the know your enemy argument but reading this crap will make you retarded. Then you’ll end up as another moronic wanker like Willie.

  3. The proposal for pensions linked from Willy’s article (see https://www.institute.global/insights/economic-prosperity/investing-in-the-future-boosting-savings-and-prosperity-for-the-uk) highlights 3 causes for the lack of investment in UK equities by pension funds:

    1) in 1997 the government eliminated the dividend tax credit to encourage companies to reinvest profits rather than pay them out in dividends. An unintended (sic) impact of the move was to make it less attractive for UK pension funds to hold shares in listed UK companies.
    2) in 2003 legislation converted what had previously been natural risk-sharing between employers and employees with respect to pension payments into a “hardened” contractual obligation for companies, covering all obligations of their pension funds.
    3) the Accounting Standards Board introduced new requirements for UK companies to include pension-fund assets and liabilities on their balance sheets.

    Not a bad effort at identifying the problems. One thing not mentioned is which political party was responsible for these changes but I guess we can gloss over that as all of them are as totally fuck useless as each other anyway.

    The main problem however is that their solution isn’t to revert these policies in order to fix the problem with pensions. Oh no, that wouldn’t allow the opportunity to be the fat controller with the ability to invest these funds into whatever whacky fashion was in vogue (e.g. the climate change emergency).

  4. Britain has to start thinking of itself not as a rich industrial country but as a poor country facing first-order economic development challenges

    (Three seconds later)

    Achieving net zero and levelling up must become national strategies

  5. Martin Near The M25

    Does anybody remember what happened last time the Great Stakeholder was given a chance to try out his theories? Didn’t go entirely well did it?

  6. “One of the longest serving practisers of the art of continually failing upwards.”

    Like the entire UK governing class…..

  7. “Large parts of the UK are scarcely better off than middle-income developing countries”

    Let me rephrase: large parts of the UK are much better off than the equivalent parts of middle-income developing countries.

  8. So poor that a million bloody foreigners come here to live every year? Are we getting the stupid ones?

    Also, can we finally stop ‘punching above our weight’?

  9. No doubt willy boy classes his self as a “progressive”. Whatever he touches eventually turns tio shit which is the same with all progressives. They’ve been in charge since the sixties and the countries progressively got worse. If that’s progress, count me out.

  10. We certainly won’t be able to continue to afford to spaff hundreds of billions on the welfare state or on hundreds of thousands of overpaid, golden-pensioned civil servants.

  11. “On my list is the division of the Treasury into an Office of the Budget and an Economic Strategy Ministry; no more a veto on public investment and public action. Our £3.5tn pension fund industry must be reshaped to support risk and enterprise.”

    Woohoo, that’s what we need: bods in government who can spend what they like with no brake mechanism in place.

  12. Our £3.5tn pension fund industry must be reshaped to support risk and enterprise.
    Where have I heard that before?
    Now here’s a thought. Is Professor(3) Spud in fact Will Hutton in a fat suit?

  13. @ bis
    No, Will Hutton got a degree from Bristol, a second-class university, Murphy got a degree from a third-class university

  14. To be honest its getting to the point that anyone with a degree from anywhere shouldn’t be allowed anywhere near any position of authority. In fact I’m beginning to understand what Pol Pot was getting at.

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