A new taskforce of economists convened by Liz Truss to investigate causes of sluggish growth has claimed the average Briton is £10,000 worse off than their US counterpart in its first report.
The Growth Commission launched on Wednesday suggested “consistent growth levels” of 3% by 2040 are achievable and would translate to higher spending of approximately £35,000 per household.
But Shanker Singham, co-chairman of the taskforce, said “failure to act” will mean the UK misses out on opportunities to boost the economy which he said were “abundant and increasing”.
The commission has not made policy recommendations for how a GDP per capita growth rate of 3% might be reached, saying its initial work is focused on highlighting the problem of low growth.
It aims to produce further analysis before and after major fiscal events to investigate how struggling economies can be transformed, it said.
The first report, titled the Growth Challenge, makes the case for economic modelling to be more “dynamic”, meaning it takes into account the long-term effect of legislation like tax reforms.
But eagle eyed readers were quick to spot an absolute howler in its objectives.
See if you can spot it below:
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