Economic growth: Cry me a river

The UK press and politicians are fixated on growth.

The Labour Government came into office 12 months ago promising a new dawn. Its top priority was growth. Its manifesto, “Labour Party Manifesto 2024: Our plan to change Britain” devoted an entire chapter to “Kickstart economic growth”.

In this article, we cover:

• Why growth is important
• The downside of growth
• What do politicians and markets mean by growth?
• Is growth in aggregate GDP the right measure to focus on?
• Mistaking current spending for investment in growth
• Critical elements needed for growth
• The UK’s recent track record
• What can be done to boost growth?