The government has committed to implementing a number of
reforms which, if implemented fully, will boost both short and long-term
growth. Increasing the state pension age in line with longevity will foster
long-term fiscal sustainability. Implementing the recommendations of
the Independent Commission on Banking will strengthen the financial system. The Universal Credit will reduce disincentives to work, and government training and apprenticeship programmes will contribute to a better integration of young people into the labour market and enhance the availability of skilled workers. The planning reform and further support to the housing market and infrastructure should allow construction to grow.
- I found this interesting. House price/rental ratios are not as low as I would have thought, note Ireland is very different.
He has an interesting quote:
3. http://marginalrevolution.com/marginalrevolution/2012/12/marcia-angells-mistaken-view-of-pharmaceutical-innovation.html Pharmaceutical innovation arguments
"As economies mature, manufacturing becomes more important for other attributes, such as its ability to drive productivity growth, innovation, and trade. Manufacturing also plays a critical role in tackling societal challenges, such as reducing energy and resource consumption and limiting greenhouse gas emissions. ...Manufacturing continues to make outsize contributions to research and development, accounting for up to 90 percent of private R&D spending in major manufacturing nations. The sector contributes twice as much to productivity growth as its employment share, and it typically accounts for the largest share of an economy’s foreign trade; across major advanced and developing economies, manufacturing generates 70 percent of exports."