Fair growth - Opportunities for economic renewal June 2023

This, along with the of productivity growth within the UK, the report significant fiscal constraints likely to fall on the next then explores where the UK sits on these drivers government, necessitates an urgent reprioritisation of the internationally: current approach to social and economic policy. [...] This has not been helped by the decline of the growth of good, high value-added employers the manufacturing sector as a proportion of GDP – the through nurturing the best of local business and UK’s de-industrialisation was among the most rapid of penalising those who flout the rules. [...] With the Labour Party having set out its core mission for growing the economy, this report explores what fair These forces led to a rejection of the political status quo in growth means for the UK in the local and international the UK and US (and other countries), in favour of political context. [...] Skills % educated to level 1 The higher the skill level of the local population, the greater the likely knowhow and therefore the efficiency of the workforce. [...] the UK in comparison to 12% for the OECD as a whole.34 The UK has made progress over the long run, consistent The UK has one of the highest with other developed countries, and the pay gap has continued to fall, yet the gap remains large.