• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
No Result
View All Result
Home Opinion

Govt’s toothless recovery plan could end up costing UK citizens £1.3k each by 2022

The gap between rhetoric and action continues to widen.

Guest Contributor by Guest Contributor
2021-05-12 11:32
in Opinion
FacebookTwitterLinkedinEmailWhatsapp

Reading a speech prepared by Downing street, the Queen has set out the government’s legislative priorities for this government, including thirty pieces of legislation to be passed over the coming year. The speech referenced the government’s priority of delivering a “national recovery,” one that will leave “the UK stronger, healthier and more prosperous than before.” But the gap between government rhetoric and the lack of a serious plan for economic growth has sparked criticism among some commentators.

Prime minister Boris Johnson has claimed that the new laws would place “rocket boosters” on the Conservatives’ “levelling up” agenda. The economic policies announced yesterday includes the creation of eight freeports, new state-aid rules and the creation of a publicly funded Advanced Research and Invention Agency, also known as ARIA.

Keir Starmer has ridiculed the government’s economic plans as a collection of “short term gimmicks and distant promises”. The leader of the opposition told MPs that the government’s plans “misses the urgency and scale of the transformation that’s needed in our economy and our public services and our society, and lacks the ambition or a plan to achieve it.”

“Just look across the Atlantic. There we see the kind of plan that’s needed. A plan for long-term investment. A plan to make the economy more resilient, greener and more dynamic. What do we see on this side of the Atlantic?… An economy still driven by chronic short-termism.”

The plan for long-term investment in the United States that Starmer references is the Biden administration’s American Jobs Plan. This bill commits the government to spend almost $2 trillion over the course of eight years upgrading the nation’s physical, digital, and human infrastructure to drive the dual goals of decarbonisation and economic growth. The proposal has divided economists, though the plan appears to have paid off, with independent forecasters predicting that the US will grow by a blistering six per cent over the year.

Despite the UK suffering the worst economic decline of all the major economies during the pandemic, the UK’s economic bounceback is predicted to be much slower. The gap between US and UK growth rates will cost the UK £90 billion in lost national output by 2022, or around £1,300 worse off per person. The UK’s relative underperformance is likely the result of the failure of Johnson’s government to commit to an ambitious public investment plan.

While the Queen’s speech did set out a plan to create a new research agency dedicated to investing in high-risk and high-return technologies, the funding committed to this body is less than 0.5 per cent of what the American Jobs Plan has put aside for R&D activities. Similarly the UK’s Plan for Growth centred on a proposed tax cut on investment worth around £24 billion, or just three-quarters of what the Biden administration plans to spend on replacing lead pipes.

RelatedPosts

Hell hath no fury like a Tory member scorned

Liz Truss’s insults shows how little the Conservatives care about Scotland

Does outsourcing in the NHS kill people?

Elevenses: A Long Overdue Obituary

The government has vocally re-emphasised its commitment to the twin objectives of ‘levelling up’ and securing economic recovery. However, the gap between rhetoric and action has continued to widen, at the expense of current and future generations.

Related: ‘Brexit is a new reality that needs to be embraced’, Andy Burnham tells TLE

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending
Abdollah

‘Rescue us’: Afghan teacher begs UK to help him escape Taliban

CHOMSKY: “If Corbyn had been elected, Britain would be pursuing a much more sane course”

What If We Got Rid Of Prisons?

More from TLE

Jeremy Hunt new favourite to replace Johnson

Chancellor accused of using knife crime crisis to blackmail MPs over Brexit

Lotto Results for Saturday 29 January 2022 Lottery Tonight’s winning numbers

People saying same thing about Diane Abbott as Vaccines Minister makes interview gaff

Thousands of children told to stay at home because schools invaded by Britain’s deadliest SPIDERS

WATCH: Rishi Sunak defends Boris Johnson’s comparison of Brexit and Ukraine

Racism in Britain ‘deeply hard-wired into our culture’ – historian

Device 100 times thinner than a human hair helps scientists turn water into fuel

Lucky Numbers and Horoscopes for today, 18 August 2021

Edward Colston statue – ‘Link with slavery continues to haunt the City’

JOBS

FIND MORE JOBS

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.