Better education and later pension age will boost economy
Sunday 11 July 2010
Retraining the unemployed, improving education and training for UK workers and raising the pension age could all boost the economy's long-term growth rate, according to a study by the Centre for Policy Studies.
John Llewellyn, a former chief adviser to the OECD and the Treasury, says in the report that while the Government is right to concentrate on cutting the deficit, it should also be looking at supply-side reform if it wants long-term economic growth. He argues that too many economists are taking the pessimistic view that little can be done to increase growth in the economy as it goes through the deepest spending cuts for generations.
In his report, Conditions: for Growth: what government can do to promote long-term growth, published today, Dr Llewellyn says the Government could grow the economy by between 0.5 per cent and 0.75 per cent by raising the pension age by five years by 2020, retraining the unemployed rather than passively paying income support, limiting people from taking incapacity benefits and improving education, as British workers have some of the lowest numeracy and literacy skills in the world. He estimates his reforms would be worth between £82m and £124bn over 10 years.
- 1 Malaysia Airlines MH17 crash: Pro-Russian rebel 'admits to shooting down plane'
- 2 Louis van Gaal gets tough with Manchester United players, with Darren Fletcher and Luke Shaw berated in public and Phil Jones left looking bemused
- 3 Is Gideon Levy the most hated man in Israel or just the most heroic?
- 4 Peaches Geldof inquest: Tragic final moments of socialite's life reveal she lied to husband about failed heroin tests
- 5 Israel has discovered that it's no longer so easy to get away with murder in the age of social media
Lana Del Rey: 'I have slept with a lot of guys in the industry'
Peaches Geldof cause of death: 'Heroin addict' socialite had taken fatal dose of drug, inquest concludes
Malaysia Airlines MH17 crash: Pro-Russian rebel 'admits to shooting down plane'
Peaches Geldof inquest: Tragic final moments of socialite's life reveal she lied to husband about failed heroin tests
Israel-Gaza conflict: The myth of Hamas’s human shields
Malaysia Airlines flight MH17 crash: 'Nine Britons, 23 Americans and 80 children' feared dead after Boeing passenger jet is 'shot down' near Ukraine-Russia border
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
iJobs Money & Business
£350 - £400 per day: Orgtel: PMO Analyst - Banking - London - £350 -£400 per d...
£300 - £350 per day + competitive: Orgtel: Cost Reporting Manager - MI Packs -...
£35000 - £40000 Per Annum plus 23 days holiday and pension scheme: Clearwater ...
£475 - £525 per day: Orgtel: Test Lead, London, Investment Banking, Technical ...