Six thought leaders demand action for an economy that works

13th March 2015

In a new report out today, jointly published by the Aldersgate Group and An Economy That Works Alliance, independent experts set out policy proposals to get the UK a step closer to a better functioning economy. Each is ripe for implementation by the next Government. 

This new report on “An Economy That Works” initiative, the last one to be wholly sponsored by the Aldersgate Group, hosts contributions from leading experts on one facet of the six core areas of An Economy That Works: high employment, equality of opportunity, wellbeing, low carbon development, zero waste and enhancing the UK’s natural capital. 

Contributions include:

  • A proposal by Susanne Barker of the manufacturers’ association EEF to set a goal to match the OECD average on government R&D spend to boost employment in the UK;
  • A proposal by Duncan Exley of the Equality Trust to put equality of opportunity at the heart of the UK’s industrial strategies to boost the economy’s competitiveness;
  • A proposal by Christine Berry of the New Economics Foundation to put wellbeing at the heart of business models and the UK’s economic policymaking;
  • A proposal by Ben Caldecott of Oxford University’s Smith School of Enterprise and the Environment for the UK Government to introduce a scheme to retire the UK’s remaining sub-critical coal power stations by the end of 2020 to tackle carbon emissions in the UK’s power sector;
  • A proposal by Prof Paul Ekins OBE of the UCL Institute for Sustainable Resources to introduce an environmental tax reform to boost the resource efficiency of the UK’s economy;
  • A proposal by Toby Roxburgh and Karen Ellis at WWF-UK to introduce a new programme to “stress test” the risks to the UK economy caused by the depletion of the UK’s natural resources, similar to the stress testing approach used in the UK’s banking system.
  • A proposal by Oliver Dudok van Heel of the Economy That Works Alliance to define clear headline indicators that will enable us to measure the UK’s progress towards an economy that works.

Peter Young, Chair of the Aldersgate Group, said: “This new report brings exciting new policy ideas from authoritative experts to deliver key benefits for our future economy, environment and society. If the UK economy is to prosper in the long run, the next Government needs to adopt synergistic policies like these to strengthen environmental and social drivers at the heart of a sound economic plan.”

Peter Young added: “Having created and developed An Economy That Works over the last 18 months, it is now time for An Economy That Works alliance to develop the next stage independent from the Aldersgate Group. This is important if it is to achieve the breadth and integration of interests which it was designed to reach. This report should give a taste of what policies might be successfully advocated, and we trust that An Economy That Works will now develop its initiative to bring coherence and new thinking beyond the environmental focus that the Aldersgate Group can provide.” 

Oliver Dudok van Heel, Executive Director of An Economy That Works Alliance, said: “This report sets the tone for the next stage of the development of the Economy That Works Alliance, by turning our vision into concrete policy proposals that will enable the transition to an economy that delivers prosperity, competitiveness and sustainability to the UK: an economy that works. 

“In keeping with the collaborative nature of the initiative, each proposal was developed by a different expert in the field, building on their own work and the expertise of their organisation, in full alignment with the overarching aims of An Economy That Works.”

Find the full report here.