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Innovation for the nation

Rebalancing the economy will be tough, but finally the political class is aware of the challenge

By Will Hutton   May 2010

Britain has the highest level of property debt compared to national output in the world. It urgently needs to wean itself off its addiction to borrowing on homes and commercial real estate. It also needs to sharply raise its exports, growth rate and private sector employment. It must reconfigure its industrial and business structure, which is still based on over optimistic expectations of consumer spending. And it must manage down its public deficit.

This will all require economic management skills of the highest order—and a willingness to discard much of the laissez-faire economic thinking that has informed policy over the…

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