Britain’s Growth Crisis: The Search for a New Model

Britain remains mired in the most severe and prolonged economic crisis that it has faced since the 1930s. The financial crash of 2007 brought British growth to a sharp halt, while the subsequent double-dip recession has eaten away at living standards and dampened future prospects. In such a context the question of growth has acquired a renewed urgency, taking centre stage within British politics. Britain's old growth model, based on asset price inflation in the housing market and cheap consumer credit, is now defunct. But, as yet, no credible alternative has been proposed. The old growth model is dying but a new one has yet to be born. The crisis has raised many questions about the future of British growth. Is the attempt to reduce deficits and lower debt the right strategy to foster long-term recovery? Can a new approach deliver growth that is socially and environmentally sustainable? And what can be done to ensure the benefits of growth are shared more evenly in the future? This important collection of essays by leading commentators seeks to provide some much-needed answers.