End managed decline and make the City great again
With the Budget fast approaching, Britain faces a simple choice: double down on managed decline or go all in for growth. After nearly two decades of stagnation, it’s time for a bold, unapologetically pro-enterprise reset that puts economic growth at the heart of national policy.
That’s the case made in Prosperity Through Growth, my new book co-authored alongside the Presidential Medal of Freedom winning economist, Dr Arthur B Laffer, City supremo Lord Michael Hintze, and pre-eminent economic forecaster, Douglas McWilliams.
The book should be essential reading for everyone working in the Treasury ahead of the Budget. It highlights how the UK is set to tumble down the world league tables for GDP per capita, with Lithuania overtaking the UK in 2030, Poland in 2034 and Turkey in 2043. But – crucially – with the right pro-enterprise, pro-business reforms, it is not too late to reverse this decline.
We should back the sectors that drive productivity – from advanced manufacturing to life sciences and fintech – and ensure that our fiscal and regulatory frameworks actively support enterprise rather than constrain it. Risk must be celebrated and rewarded.
Make the City great again
This must be the moment that Britain decides to ‘Make the City great again’, cutting capital gains tax and delivering a smarter regime for listings. No longer should ambitious firms float in New York; London should be their natural home.
And with UK public-sector net debt approaching 100 per cent of GDP, the City must power growth across the rest of the country, too. That means unleashing infrastructure investment, reforming planning so projects can actually get built, and making energy cheaper so that we can be at the front of the upcoming AI and data revolution.
The 24/7 Growth Plan, set out in the book, isn’t another Whitehall wish list. It’s a call to action for a government that believes in business and its power to make a better future. The ingredients for renewal are all there: entrepreneurial spirit, deep capital markets, global reach. What’s been missing is political will and a sustained plan.
Growth is not a slogan, it’s a strategy
This Budget should send an unmistakable signal: Britain is back in business. Growth is not a slogan, it’s a strategy. Let’s make the City great again, power up our industries, and build a country where ambition is rewarded and success celebrated.
That’s how we’ll achieve prosperity through growth and restore Britain’s place as the world’s most enterprising economy.
Lord Elliott is President of the Jobs Foundation, and co-author of ‘Prosperity Through Growth: Boosting Living Standards in an Age of Autocracy and AI’, published by Biteback