This post was originally published by City A.M.
Some truisms are worth repeating: the Treasury is powerful. Unlike its counterparts overseas, the Treasury in Britain is able to set policy for economic development and control government spending. This power, however, is also an impediment on progress. It is one of the slowest Whitehall departments to change its ways and is holding back the government’s green agenda.
Of the myriad of outcomes of the elections last week, one consistent lesson was that delivering (or at least the perception of doing so) wins votes. There was consolidation for Conservatives where Brexit felt like a promise kept or where, initially, funding from the Treasury has been noticed by residents.
2020 saw the UK’s largest ever economic slump, effectively taking us back to 2013 levels. In a fortnight the chancellor will have this at the front of his mind as he lays out his budget. Although output has returned to past levels, economic policies can’t go back. In planning the recovery, Rishi Sunak shouldn’t seek to restore how things were in 2013 or 2019, but build a futureproof economy that is still growing in 2033 and 2049.
This post is by Sam Alvis, head of Green Renewal at Green Alliance. This article was originally published on Business Green
As watchers of The Queen’s Gambit will know, every slide of a pawn in chess affects your ability to win hundreds of turns down the line. Even in the heat of the game, players must be thinking about their long term strategy. And so it is for business in the current crisis. Many are in the grips of working out how to survive, but they also know that the decisions they and the government take today will shape how successful they will be for years to come.