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Delivering strong and sustainable growth in the UK: A special decade for innovation and investment 2 The Centre for Climate Change Economics and Policy (CCCEP) was established in 2008 to advance public and private action on climate change through rigorous, innovative research.
Nonetheless, a stepchange is now needed, urgently, in both the amount of investment -public and private -and in the coherence of the policies and institutions that can direct this investment to have maximum impact.
To be consistent with the commitment to net-zero emissions such investments must help the UK build its innovation strengths in related environmentally sustainable technologies, goods and services, which will enable the country to gain an increased share of new and growing international markets.
The benefits of regionally-balanced growth are increasingly being recognised: Well planned and sustainable investments will build local capacity and generate economic opportunities, helping to address the UK’s large and persistent regional disparities and improve labour market resilience across the country.
A new economic model is needed post-Brexit that addresses the UK’s poor productivity and move towards a circular economy The UK’s productivity performance since the financial crisis has been particularly poor by both historical and international standards, and this has widened the longstanding gap in productivity levels between the UK and its main international comparators.
HM Treasury should work in close consultation with the Select Committees, other government departments and local government to understand financing needs at the sectoral and regional level and inform the design of the Bank.
