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Daily Telegraph: "Britain must change policy to drag UK out of economic hole, ITEM Club warns"

Link to web site

"The Coalition lacks imagination on how to stimulate the economy, leaving countries like the US to stage a faster and sharper rebound from the worst financial crisis since the 1930s, according to the Ernst & Young ITEM Club.

"Peter Spencer, chief economic advisor to ITEM, said:
"The UK has crawled out of recession, but the government’s mid-term report card should read 'could do better'. ... A fresh approach to monetary and fiscal policy in the UK could help open the door to long-term sustainable growth."

The Guardian:
"Depressed banking sector raises
spectre of triple-dip recession"

The Ernst & Young Item Club warned that the UK may grow
by only 0.9% during 2013, unless the government changes
its economic policy. Item's Peter Spencer said:
"There is scope for borrowing to help fund infrastructure
investment, and the government could certainly do more
to encourage housing investment, which is subtracting<
from GDP, when it should be adding to it."

Link to web site
The Guardian:
"A 1930s-style building boom could bring back growth"

Eighty years ago, when Franklin D Roosevelt was waiting to move into the White House and the New Deal was still in the future, Britain was already recovering from the Great Depression. As the first country to come off the gold standard the UK had the advantage of being the first country to devalue, and that – together with the protective wall around the British empire – helped manufacturers to export.

"Departure from the gold standard in September 1931 also let the national government run a cheap money policy. The bank rate was cut to 2%, which is where it remained for almost 20 years. The result was the building boom that gave us the 1930s semi.

"Vince Cable, the business secretary, has been pressing cabinet colleagues to adopt the 1930s approach. He thinks house building is the way to get real demand into the economy quickly."

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