A new UK policy institution for growth and productivity - a blueprint

Anna Valero, Bart van Ark

Research output: Working paperDiscussion paper

Abstract

Addressing the UK’s productivity problem requires increased long-term investment in physical, human and intangible capital, and a new Growth and Productivity Institution (GPI) would help to ensure that the appropriate policies are in place to achieve this. Such a body, placed on a statutory footing to ensure it survives political churn, would provide independent expertise and credibility to shape effective, coordinated and lasting pro-productivity policy. Through conducting inquiries into key areas, monitoring and evaluating policy, and regular reporting to Parliament, combined with extensive stakeholder consultation, coordination and communication, a new GPI would help with the politics of making difficult decisions where positive outcomes are likely to be felt over the long term. Experiences setting up similar institutions in other advanced economies, and independent institutions in other areas of policy in the UK provide lessons for the design of a new GPI in the UK.
Original languageEnglish
PublisherThe Productivity Institute
Pages112-124
Number of pages13
Publication statusPublished - Nov 2023

Publication series

NameThe Productivity Agenda
PublisherThe Productivity Institute

Keywords

  • Productivity
  • Economic policy
  • Economic growth
  • Institutions

Research Beacons, Institutes and Platforms

  • The Productivity Institute

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