Investing in the Future: what are the opportunities and barriers for growth?

Saturday 16 May, 4.30pm until 6.00pm, The Great Hall The Battle for the Economy

The UK, once the workshop of the world, has promoted itself over recent years as leading the way in the post-industrial age. The shift away from productive activity led the Economist to note recently that many of the brightest recent graduates ended up in Canary Wharf, where ‘they looked down on the remains of what was once the world’s busiest port and on a past that Britain seemed to have left far behind’. Now that financial and business services, property and retail are in a parlous state, where might we find a new engine of growth for the UK?

There is no shortage of sectors to invest in: we could invest in GM technology or nuclear energy, yet remain hesitant and ambiguous. Environmental services, green technologies, nanotechnology, bioscience and the creative industries have each shown promise, but we are still not investing heavily in them. Neither is there a shortage of cash: the UK’s substantial stimulus package could have been used on new areas of innovation or industry, rather than on programmes already in existence, or propping up out-of-date industries.

Are we culturally disinclined to embrace productive economic activity? For too long we have parroted the mantras of the Knowledge Economy; maybe we took policy-pundit Charlie Leadbeater’s script, Living on Thin Air, too literally. The dynamism, social aspiration, educational excellence and visionary infrastructural projects on show in China and India might remind us why productivity matters. While we talk up innovation in the UK, in practice we seem wary of experimentation, risk-taking, competition and ambition. Is the Western acceptance of the need to limit growth, whether for fear of environmental Armageddon or becaue excess wealth leads to greed and ‘unhappiness’, at odds with aspirations for future development? What should progressives aspire to when investing in the future?

Listen to the session audio…

Other formats are available here

Speakers
Rob Killick
CEO, cScape; author, UK After the Recession

Eliot Forster
CEO, Solace Pharmaceuticals

Jeremy Sice
managing director, SAS, design and communications business; CEO, Publicis Consultants, UK.

Professor Deepak Lal
James S. Coleman Professor of International Development Studies, University of California, Los Angeles; author of Reviving the Invisible Hand and In Praise of Empires.

Chair:
Claire Fox
director, Institute of Ideas; panellist, BBC Radio 4's Moral Maze


Recommended readings
Innovation and inspiration

A good article by Anjana Ajuha emphasises that innovation in science and technology is by its nature unpredictable. She states that research should not be too narrowly constrained to the supposed needs of the economy.

Rob Killick, UK after the Recession, 6 May 2009

In science, the bizarre is our insurance for the future

Putting a limit on research will also squeeze innovation

Anjana Ahuja, The Times, 6 May 2009

Biotech chief bemoans lack of start-up cash

Keith Powell believes UK start-ups suffer unduly from the limited venture capital funding available for early stage businesses.

Vivienne Raper, Financial Times, 7 April 2009

Rekindle those risk-taking animal spirits

All across the world, a silence has descended: the tranquillity of shuttered plants, cancelled orders, idle machines, stationary vehicles. Unemployment mounts like a death toll. Bankruptcies climb inexorably. As if struck by plague, entrepreneurs everywhere have been gripped by an epic crisis of confidence. How are their animal spirits to be revived?

Luke Johnson, Financial Times, 31 March 2009

What next for the British economy?

In order for the economy to recover and thrive, we need a revolution in political thinking and some serious risk-taking.

Rob Killick, spiked, 24 February 2009

We can replicate the beauty that came from the Depression

Harry Hopkins, the chain-smoking, high-energy confidant of Franklin Roosevelt, passionately believed in the value of work and the destructive consequences of living on benefit.

Will Hutton, Observer, 8 February 2009

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