Adonis Growth Review

11th July 2013 Blog

Crossrail

Tunnel boring machine ‘Elizabeth’ breaking through at Canary Wharf last month, as part of London’s new Crossrail line.

Ed Miliband and Lord Adonis will today announce the launch of an independent growth review which is due to be published in spring 2014.

The Adonis Growth Review, which is jointly supported by the Institute of Public Policy Research (IPPR) and Policy Network, will set out a radical agenda for change to revitalise the British economy by supporting business innovation and growth across the country. The impact of higher growth will raise the quality and rate of job creation enabling Britain to compete more effectively in the 21st century.

Michael Heseltine’s radical proposals in his report No Stone Unturned: In Pursuit of Growth remain largely unimplemented. Growth remains weak and elusive due to the government’s lack of strategy on supporting businesses across the regions.  “Unemployment, particularly youth unemployment is high and real wages are falling,” said Lord Adonis. “We need bold policies for more and better jobs – a radically better strategy for promoting skills, infrastructure, innovation, business starts-ups, business ethics and long termism in business practice. This is my agenda.”

Over the next few months, Lord Adonis will be touring the country to hear the views of local businesses, colleges and universities taking into account the diverse challenges to innovation and growth faced by the different regions. The report will also explore whether the insufficient provision of capital at the local level has constrained the growth of innovation clusters across the country, and whether a more localised approach to financing may be beneficial.

Speaking at a visit to Crossrail in London, Mr Miliband said: “The last Labour government rebuilt our schools and rescued our NHS so that these key services worked better for the people of Britain.

“The next Labour government will need the same level of ambition for our economy to secure a recovery made by many which is built to last.

“That is why I am delighted that Andrew Adonis has agreed to lead this independent review on growth.

“Having played such a key role reforming our public services before, he will now applying similar radical thinking to industrial policy so that we can rebalance our economy, equip Britain with the skills and better jobs we need to pay our way in the world.

“We will not have new money so we need new ideas. And that is where the hard work comes in to make the economic reforms needed to create a more responsible capitalism. This is one of the key ways we can make a huge difference to people’s lives while also demonstrating the discipline required to get the deficit down.

“A One Nation Labour government will work with business to deliver more youth apprenticeships and promote long term growth, work entrepreneurs to encourage innovation, and work with regional government to build the infrastructure Britain like Crossrail that needs in the future.

“But none of this will happen without new ideas, careful planning and consistency.This review is an important and I will be looking forward to reading its conclusions as part of the preparations we are beginning to undertake for the next Labour government.”

Lord Adonis said: “We need to promote more and better jobs by radically improving skills, the national infrastructure, levels of business innovation, and the strength of key industrial sectors.  Government needs to be far more engaged and hands-on to make this happen.

“The status quo is dire: youth unemployment of a million, Britain with one of the worst infrastructures in the developed world, including a massive housing shortage, pitiful levels of investment and R & D across much of the economy, and lacklustre export performance.  Britain is stagnant, with 2.5 million unemployed and a squeeze on real living standards, and all this needs to change.  I hope to chart a credible strategy for change in all these key areas.”

Olaf Cramme, Director of Policy Network, said, “The Adonis Growth Review is set to address the biggest challenges facing Britain in its quest for economic success and future prosperity. This requires fresh and critical thinking in an outward-looking environment, something which Policy Network seeks to facilitate.”

“IPPR is very pleased to be able to support Lord Adonis with this critical work,” said Nick Pearce, IPPR Director.  “Britain’s economy is still seriously unbalanced, with low business investment rates, wide regional disparities, and constrained infrastructure spending,” he added.

The Adonis Growth Review will seek to set out an industrial strategy encompassing:

  • High growth companies and sectors
  • Long-term investment and responsible capitalism
  • Government machinery for growth including regional delivery and leadership
  • Infrastructure
  • Innovation
  • Skills

The report will also draw on compelling recent reviews including:  the Heseltine Report, the Kay Review of Equity Markets and Long-term Decision-making; the LSE Growth Commission Report; the Cox report on short-termism, and the forthcoming reports of the Armitt Review of Infrastructure and the Husbands Review of Vocational Education and Skills.

The Review welcomes evidence from all trade associations, businesses, educational and research bodies and individuals. All evidence should be sent to:

AdonisGrowthReview@policy-network.net

For other queries please contact Policy Network on:

Tel. +44 (0)20 7340 2200

Fax +44 (0)20 7340 2211

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