The recession now upon us is the most serious since the 1930s. Nothing short of a complete overhaul of our economy will allow us to meet this challenge. If the UK's attempts to stimulate the economy aim at nothing more than restoring the pre-recession status quo, they are doomed to fail.
Our former recipe for economic success, which relied too much on financial services and on ever-increasing property prices, is not adequate for the challenges of the future. The UK's recovery plan must not only address the short-term effects of the global financial crisis, but also help the UK focus its economy on growth and innovation.
Published
April 2009
Author
NESTA
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