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The UK economic crisis might not be a one-off

Markets have reacted poorly to the UK government's new "mini-budget" combining energy price caps with tax cuts for the well off. The government's search for a quick fix to economic growth is a mistake. In fact, restarting productivity and growth is as important as the Truss government says. But getting there will require a long slog of thoughtful supply-side reforms. And the crisis has lessons beyond the UK. Much of Europe faces the same lackluster productivity and the rise of counterproductive political populism. To keep Europe economically vibrant, politicians and businesses need to address the world's most important problems head on-by making the right public and private investments.

John Van Reenen

3 October 2022

Harvard Business Review

This Blog is published under the Programme on Innovation and Diffusion.