The UK is now ‘front and centre’ regarding market fears over sustaining debt levels. This is not simply a business cycle. It is a failure of statecraft.
There are too many agencies and too many departments. Instead of focussing on getting things done, they are more concerned about box ticking. What is measured is not the result that was achieved, but simply the effort that was put in.
Whether or not Britain is over-taxed, the deeper issue is trust. The public sees rising costs but doesn’t believe they’re getting value in return.
A consistent blunder by successive governments has been to allow savings to become absorbed in day-to-day consumption rather than invested in Britain’s productive capacity. The British Growth Covenant will correct this issue.