In the U.K today we slumped to another level of misery with unemployment hitting 2.57 million, the highest for 17 years. What a tragedy especially for our youth with levels above 21% for 16 – 24 year olds.
So what’s the answer – there is no magic solution to the world economic crises but how about some of the following:-
- less focus on “the markets”, our repeated emphasis on stock indices performance has led to short terminism in the extreme.
- Stop bailing out failing financial institutions. Trillions of pounds of taxpayers money on both sides of the Atlantic has been thrown away propping up banks which have made disastrous risky investments at our expense.
- Using the money saved from the above embark on a major series of public works, transport, housing, digital technology and green energy solutions should be at the forefront.
- Set up a state bank to invest in small businesses. Small Businesses employ around 60% of the private sector workforce & are desperate for funds to enable growth.
- Set up more Technology parks. Cambridge is a fantastic example of how successful this strategy has been over the last 20 years.
- Encourage start-ups in the North by offering financial incentives to do so. Far too much of our industry is currently situated in the overcrowded South East. There is a wealth of untapped talent in the North which is currently going to waste & plenty brownfield sites to build on. The developments at Salford Quays including Media City is a great example of what can be done when there is a will to do it.
These are just some ideas how we can stimulate the economy by investing in Innovation & Technology instead of continuing to bail out banks pouring more valuable resources down the drain.
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