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IPPR Commission on Economic Justice Prosperity and Justice ‘With its calls for a rebalancing of economic power, a more activist state, a new industrialization model, and managed automation, this report is nothing if not bold. What makes it especially distinctive and valuable is that this big-picture reform agenda is backed up by detailed proposals – on a national investment bank, increased public invest- ment, a social dividend, expansion of collective bargaining, worker representation on company boards, regulation of digital platforms, and much more. The report is an inspiration for all those in the UK and elsewhere who are trying to chart a new course for inclusive prosperity.’ Dani Rodrik, Ford Foundation Professor of International Political Economy, Harvard University ‘The Commission makes an irrefutable case that British economic per- formance must improve, and then suggests a suite of original initiatives aimed at doing just that. There will be challenges on particular recom- mendations, but overall this is the most impressive, authoritative and compelling economic analysis and accompanying prescriptions in recent times. It deserves to change the terms of economic debate.’ Will Hutton, Principal of Hertford College Oxford, Observer columnist and co-author of Saving Britain ‘If we are going to rescue democracy and our way of life, we need to reform capitalism so that it conspicuously serves the interests of the majority and not just the lucky privileged few. Some of the IPPR Commission’s proposals are perhaps too idealistic and impractical, but most are serious and important contributions to the debate of our age.’ Robert Peston, Political Editor, ITV News ‘It is shameful that the fifth largest economy in the world is not already oriented towards producing sustainable prosperity for all its citizens but, sadly, the UK is so far from this that we really do need a “new economy”. The Commission on Economic Justice makes a thought- ful, mature and significant contribution to thinking on what that “new economy” should look like – they give us not only a strong and positive vision, but a pragmatic roadmap for how to get there.’ Kate Pickett, Professor of Epidemiology, University of York and co-author of The Spirit Level and The Inner Level ‘Over the last ten years policymakers have failed to respond to the challenges the UK has faced, and have created additional home-grown problems. We need a complete rethink to avoid another lost decade. This report provides exactly that, with lots of innovative, sensible and well-researched ideas across the whole spectrum of economic policy from industrial policy to taxes, the environment to distribution. In my own area, it provides the best prospectus for future UK macroeco- nomic policy that I have seen.’ Simon Wren-Lewis, Professor of Economic Policy, Blavatnik School of Government, University of Oxford ‘Left unaddressed, conflicts between finance and production, the rich and the poor, the state and the market, have historically heralded costly economic crises and political instability. Ten years after the global financial crisis, the UK faces the unresolved legacy of several such conflicts. Focusing on the origins of these vulnerabilities, the IPPR Commission on Economic Justice has analysed the political economy of ownership, distributive governance, competition, indus- trial policy, investment and financial stability. The comprehensive volume summarizing these efforts is a product of substantial com- parative work. Informed by this research, the Commission’s proposed reform programme is future-orientated yet realistic. It is an urgent read for those who strive to find workable solutions to the increasingly apparent crises in the UK’s economic model.’ Anastasia Nesvetailova, Professor of International Political Economy and Director, City Political Economy Research Centre, University of London ‘An excellent platform to start a serious debate about how bold and imaginative government policy can offer a serious alternative to sim- plistic populist recipes. Urgent reading!’ Carlota Perez, Visiting Professor of International Development at the LSE and author of Technological Revolution and Financial Capital: The Dynamics of Bubbles and Golden Ages ‘When countries face challenges on the scale of those testing the UK today, they are just as likely to retreat into apathy and disengagement as they are to embark on an informed search for solutions. Fortunately this book has arrived just in time to provide a framework for rethinking how and where such solutions might be identified and to set out new directions for public policy beyond the paralysing terrain of Brexit. It’s a must-read for anyone interested in alternative futures for the UK economy and indeed for others facing similar challenges of slowing productivity, rising inequality and a labour market undergoing funda- mental change.’ Roy Green, Emeritus Professor, University of Technology Sydney Prosperity and Justice About IPPR The Institute for Public Policy Research (IPPR) is the UK’s pre-eminent progressive think tank. Founded in 1988, our purpose is to conduct and promote research into the economic, social and political sciences, science and technology, the voluntary sector and social enterprise, public services, and industry and commerce; and to educate the public in these subjects. We are an independent charitable organisation with our main offices in London. IPPR North, IPPR’s dedicated think tank for the North of England, operates out of offices in Manchester and Newcastle, and IPPR Scotland, our dedicated think tank for Scotland, is based in Edinburgh. For further information on IPPR and to contact us please visit www.ippr.org. Prosperity and Justice A Plan for the New Economy The Final Report of the IPPR Commission on Economic Justice polity Copyright © IPPR 2018 The right of the IPPR to be identified as Author of this Work has been asserted in accord- ance with the UK Copyright, Designs and Patents Act 1988. First published in 2018 by Polity Press in association with the Institute for Public Policy Research Polity Press 65 Bridge Street Cambridge CB2 1UR, UK Polity Press 101 Station Landing Suite 300 Medford, MA 02155, USA All rights reserved. Except for the quotation of short passages for the purpose of criticism and review, no part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher. ISBN-13: 978-1-5095-3498-2 ISBN-13: 978-1-5095-3499-9(pb) A catalogue record for this book is available from the British Library. Typeset in 10/16.5 Utopia by Servis Filmsetting Limited, Stockport, Cheshire Printed and bound in by ...................................... The publisher has used its best endeavours to ensure that the URLs for external websites referred to in this book are correct and active at the time of going to press. However, the publisher has no responsibility for the websites and can make no guarantee that a site will remain live or that the content is or will remain appropriate. Every effort has been made to trace all copyright holders, but if any have been over- looked the publisher will be pleased to include any necessary credits in any subsequent reprint or edition. For further information on Polity, visit our website: politybooks.com Contents Preface vii The IPPR Commission on Economic Justice ix Note xi Acknowledgements xiii Introduction and Overview 1 Part I: Building the New Economy 7 1 The Economy Today 9 2 Prosperity and Justice: A New Vision for the Economy 20 3 Reshaping the Economy 34 4 Partnership and Power 64 5 Time for Change 77 Part II: Our 10-Part Plan 85 6 Reshaping the Economy through Industrial Strategy 87 7 Securing Good Pay, Good Jobs and Good Lives 107 v CONTENTS 8 Turning Business towards Long-Term Success 128 9 Promoting Open Markets in the New Economy 146 10 Raising Public Investment in a Reformed Macroeconomic Framework 156 11 Strengthening the Financial System 170 12 Spreading Wealth and Ownership across the Economy 187 13 Designing Simpler and Fairer Taxes 202 14 Ensuring Environmental Sustainability 217 15 Creating a New Economic Constitution 232 Notes 254 vi Preface The IPPR Commission on Economic Justice was established in autumn 2016 in the wake of Britain’s vote to leave the European Union. The referendum result was a stark repudiation of the status quo and crys- tallised profound feelings of economic injustice felt in many parts of society. The Commission was founded in the belief that it was insuffi- cient simply to argue that economic change was necessary. The country needed to see how it could be achieved. The purpose of the Commission was, therefore, broadly conceived: to examine the challenges facing the UK economy and to make recommendations for its reform. The members of the Commission come from all walks of life and different political viewpoints. They voted on different sides of the EU referendum, and the Commission is independent of all politi- cal parties. Given the breadth of Commissioners, we have reached a remarkable degree of agreement, which we hope can be reflected in a wider national consensus about a new direction for the UK economy. Our proposals are deliberately ambitious. Taken together, we believe they offer the potential for the most significant change in economic policy in a generation. The report is wide-ranging, but not comprehensive: some fields, such as specific reforms to the welfare system and education, have been beyond our scope. It is UK-wide: while we propose greater devolution of economic powers, we have not sought to write detailed vii PREFACE plans for any of the individual nations of the United Kingdom. We have not taken a position on Brexit; our analysis shows that the UK’s economic problems are of long standing. The economy needs reform no matter what happens. We do not attribute blame to any particular politicians or parties, since our economic problems have developed under successive governments of all colours.
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