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Daniel Teece's avatar

Hi Paul 👋

What a wonderfully written piece, absolutely brilliant 👏

"A Blairite, brownite, milibander and starmerite walk into a bar ,

The barman says "what you drinking Andy ? "

Andy Burnham is basically Keir Starmer with personality, but he is still a weathercock.

Have a lovely week Paul and other readers 😀

Neil Wilson's avatar

"be willing to use the massive fiscal capacity available to governments of sovereign, currency-issuing nations to deliver investment-led growth."

Fiscal capacity is one thing. Physical capacity is another. We have a systemic problem in the UK of lack of capital investment, terrible management that is incapable of using modern organisational methods, an addiction to "cost of living rises" in business pricing rather than competitive quantity adjustment and an amplification mechanism via the huge overhang of index-linked gilts that increase government spending at the RPI rate if prices change.

Unfortunately to deliver investment growth in the UK will require shutting down consumption in areas people would rather not. We have been eating our seed corn for far too long.

That requires an even more radical approach than abandoning the "we haven't any money" fallacy.

In healthcare, for example, it would require a new NHS act transferring the private medical system to the NHS - as we did with the cottage hospitals in 1948. We all know that it's the same consultants in private and public and the private system just allows you to "jump the queue" because you have money. And we know from the death of NHS dentistry where that slow burn ends up.

We can't spend our way out of the NHS problem. We have to physically take the resources from those who would reserve them for themselves and make them available to all - on the basis of need rather than ability to pay.

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